State Farm Insurance was founded in 1922 as an automobile insurance company. State Farm rapidly expanded into homeowners and banking, eventually becoming the company we know today. While currently the largest provider of auto and home insurance in the United States, State Farm Insurance deals with much more than automobiles and property. State Farm Insurance, the TopTenREVIEWS Bronze Award winner, easily edged out the competition in the category of life insurance, because they offer varied policies at good premiums with a customer support structure uncharacteristically approachable for such a large firm.
Standout Features
- Term, universal and whole life insurance
- Online insurance quotes and needs calculators
- Annuities, managed accounts and retirement management services
- Host of investment and other insurance policies available
Policy Benefits and Flexibility: 
We found that State Farm’s life insurance premiums routinely ranked within the top two or three cheapest. For potential customers in the market for affordable life insurance, you could do a lot worse than State Farm’s affordable term life insurance. Term life insurance pays out a death benefit in the event that the policyholder passes away during a designated period of time. State Farm term life insurance is available to cover periods of 5, 10, 20 and 30 years. It probably goes without saying, but premiums are obviously higher for customers of advanced age, suffering from health problems or involved in high risk activities. For younger people, a thirty year term policy is an affordable way of securing the wellbeing of loved ones at a very low cost. The only downside to term life insurance policies, however, concerns their expiration date—when term life insurance expires, policyholders receive no payout. Some states permit policyholders to renew their term policies at the end of a term up until age 85 or 90. Elderly clients should refer to their state law. In most states term insurance is a viable alternative to full coverage life.
State Farm provides investment-oriented clients with the option of whole life and universal life insurance. In both the case of whole and universal, coverage is permanent and the accounts accumulate cash value which can be withdrawn at a cost to the death benefit of the relevant policy. Whole life insurance is a particularly lucrative policy for younger people because premiums are static for the life of the account. Premiums might be somewhat high for the first decade of policy ownership, but down the line, whole life insurance is generally a savvy investment. Whole life insurance also includes the potential to earn dividends depending on company performance during a given year.
In contrast to State Farm’s whole life insurance, their universal life coverage has a flexible premium. That means policyholders can adjust their premiums according to their desired payout benefits. Higher premiums equate to increased cash value buildup and death benefits.
State Farm provides investment-oriented clients with the option of whole life and universal life insurance. In both the case of whole and universal, coverage is permanent and the accounts accumulate cash value which can be withdrawn at a cost to the death benefit of the relevant policy. Whole life insurance is a particularly lucrative policy for younger people because premiums are static for the life of the account. Premiums might be somewhat high for the first decade of policy ownership, but down the line, whole life insurance is generally a savvy investment. Whole life insurance also includes the potential to earn dividends depending on company performance during a given year.
In contrast to State Farm’s whole life insurance, their universal life coverage has a flexible premium. That means policyholders can adjust their premiums according to their desired payout benefits. Higher premiums equate to increased cash value buildup and death benefits.
Additional Services:
Much like our Gold Award winner MetLife, State Farm Insurance offers a large battery of financial and insurance services. Whether or not you opt for life insurance, long-term care insurance can offset the financial burden of hospice care and unexpected medical expenses. For clients more interested in securing their financial legacy, State Farm’s annuities provide an excellent route of managing retirement and establishing an income for loved ones with minimal tax burdens. In addition to homeowners and condo owners coverage, State Farm also provides auto and boat insurance.
Business owners will be pleased to learn about State Farm’s comprehensive set of business solutions. State Farm services include loans, property insurance, workers compensation insurance and employee retirement plans.
Customer Support: 
State Farm Insurance has one of the largest networks of representatives and affiliates in the United States, to say nothing of their international presence. Customer service and help staff can be reached via telephone or email and are professional, responsive and informed. For clients that prefer a face-to-face approach, State Farm has agents on hand all over the country.
Summary:
Whether simply planning ahead for your retirement or aiming to secure the well-being of your family after you’re gone, State Farm offers life insurance and financial services ideal for just about anyone.
For more on top life insurance providers be sure to read reviews or our top two products: Metlife and ING.
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