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State Farm Life Insurance

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State Farm Life Insurance

Updated: May. 31, 2018

Ranked 1st of 10 life insurance with a Quid Score of 84.

Buy Now Leave a Review

State Farm Life Insurance

Ranked 1st of 10 life insurance with a Quid Score of 84.

Product Details

Product Details

Ranks 1st overall.

Other Information
  • Online Quote: Yes
  • Other Features: See source for more information
  • Smoking Policy: Two sets of rates - tobacco and non-tobacco
  • Customer Service System: Phone, written mail, FAQ
  • Medical Exam Requirement: Depends, most likely yes
  • Other Financial Services: Auto, motorcycle, sport/leisure vehicles, home/property, identity restoration, life, health, long-term care, disability, liability, small business insurance
  • Online Portal/Smartphone App: Both
  • Other Life Insurance Policies: Yes - Whole life, universal life, variable universal life
  • Age Requirement at Time of Application: 20-75 (term 10), 20-65 (term 20), 20-45 (term 30)
Policy Information
  • Term Options: Yes - 10, 20, or 30 years
  • Annual Premium: MALE: $257.50 annually, FEMALE: $205.00 annually
  • Face Value Policy: $50,000 - $3,000,000
  • Payment Frequency: Monthly or annually
  • Fixed or Fluctuating Premium: Fixed - increases after initial period
  • Riders/Supplementary Coverage: Children's term rider & Select term rider (you or another person)
Key Product Information
  • Online Quote: Yes
  • Term Options: Yes - 10, 20, or 30 years
  • Annual Premium: MALE: $257.50 annually, FEMALE: $205.00 annually
  • Face Value Policy: $50,000 - $3,000,000
  • Fixed or Fluctuating Premium: Fixed - increases after initial period

Expert Rating: 86%

Ranks 3rd among competitors.

Expert Rating: 86%

Ranks 3rd among competitors.

Experts praise the impressive network of local agents, which are important when beneficiaries have to make a claim. State Farm offers a variety of options to customize its plans to fit a policyholder’s needs. Online, customers can get a quote and also buy a policy. State Farm has extra charges that it applies to policies on top of already higher premiums.

Full Expert Breakdown
  • Premium Rates - Above average
  • Agent Responsiveness - Above average
  • 24-Hour Telephone Support - Yes
  • Standout Incentive - Local agents
  • Financial Strength - Above average
  • Policy Options - Above average
Notable Positives
  • Extensive network of local agents
  • Offers mortgage term life insurance
  • Can get a quote and buy a policy online
  • Can convert term life policies to permanent life
  • Variety of rider options
Notable Negatives
  • High premiums for the overweight/smokers
  • Premiums are in general higher
  • Extra fees/charges
Full Expert Breakdown
  • Premium Rates - Above average
  • Agent Responsiveness - Above average
  • 24-Hour Telephone Support - Yes
  • Standout Incentive - Local agents
  • Financial Strength - Above average
  • Policy Options - Above average

Customer Rating: 77%

Ranks 3rd among competitors.

Customer Rating: 77%

Ranks 3rd among competitors.

Customers like the flexibility of State Farm’s term life plan offerings. Multiple people said that rates feel competitive. Multiple customers report that issues with their policies are very difficult to resolve and that agents can seem cold. There are also reports of settlements being lower than what they were originally said to be.

Ideal for people:

Those who want a lot of flexibility in their plan options and are looking for competitive rates with the possibility of further discounts.

Not ideal for people:

Those who want very straightforward information and customer service help may find this company too opaque in their explanations.

Notable Pros:
  • Competitive policy rates
  • Different plans fit a variety of long- and short-term needs
  • Informative and helpful
  • Eligible for discounts
Notable Cons:
  • Unreliable policies
  • Can seem uncaring when there are policy problems
  • Settlements seem to be lowered when claimed

Brand Score: 88%

Ranks 2nd among competitors.

Brand Score: 88%

Ranks 2nd among competitors.

At its inception, State Farm provided only auto insurance. Today the company has more than 100 products in 5 lines of service, which include renters insurance, mutual funds, and and the State Farm Bank. The company website hosts instant quote estimate calculators. State Farm serves more than 84 million policies and accounts, and employs more than 65,000 people in the U.S.

Heritage - 5/5

State Farm was founded in 1922.

Innovation - 3/5

The State Farm mobile app is designed to help customers manage their insurance, get roadside assistance, file and track their claim status, and more.

Reliability - 5/5

State Farm representatives are available through a mobile app, email, or phone. Based on a customer’s location, there may also be agents available nearby. Simple Insights is an additional knowledge database on the company’s website that provides information on safety, maintenance, investments, and more.

Social Good - 5/5

The State Farm Companies Foundation supports auto and home safety programs, disaster recovery services, and education empowerment projects.

Relevance - 5/5

State Farm’s #HereToHelp social campaign provides safety and lifestyle tips that help in everyday situations. On its YouTube channel, customers can get to know the agents of State Farm and listen to exclusive “Neighborhood Sessions” that feature well-known musicians.

Retail: Best Price $231.25

Ranks 1st in value among competitors.

Retail: Best Price $231.25

Ranks 1st in value among competitors.

State Farm has a standard process for acquiring an online quote. Once a customer has filled out their personal information and health details, a quote is presented. A local agent will follow up to go over coverage options specific to location and situation.

Best Purchase Options
State Farm - $231.25
Best Purchase Option
State Farm - $231.25

Ranked by Quiddity

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