Disclaimer: We are NOT State Farm Life Insurance.
If you're considering State Farm life insurance, we strongly urge you to read this whole review.
We'll cover how their rates stack up to the rest of the market, their underwriting and our personal State Farm life insurance review.
Lets start by acknowledging that State Farm is a fantastic auto and homeowners insurance company. I know several State Farm agents and know dozens of families who have their insurance products. They all have great things to say.
However every family I know that has their auto and home with State Farm, doesn't have their life insurance with them because they simply are not competitive when it comes to rates. (Plus, I wouldn't let anyone I know have their life insurance with State Farm)
Many consumers have the misconception that if they bundle their homeowners insurance, auto insurance AND life insurance together, they'll pay lower rates overall. With auto and homeowners it's true, but adding life insurance, it's not. Every scenario we've run, our clients would be better off with a life insurance company other than State Farm.
State Farm Life Insurance Rates and Quotes
We've established that State Farm's life insurance rates aren't competitive. If you don't want to take our word for it, you can run rates for State Farm life insurance and explore the life insurance market at the 2 links below (you won't have to fill out personal info to receive quotes).
State Farm Life Insurance Quotes
You'll find that it doesn't matter what age, coverage amount or death benefit you're seeking - you can find better life insurance rates working with an independent life insurance agent outside of State Farm.
State Farm Life Insurance Underwriting
We've helped dozens of State Farm clients with their life insurance after they were declined by State Farm for a life insurance policy. When it comes down to any medium or high risk life insurance. State Farm typically won't offer any coverage.
We've helped some consumers obtain "standard" or "preferred" rates when they were previously declined by State Farm. This includes very common impairments like: bipolar disorder, depression, PTSD, epilepsy and diabetes .
Other impairments like COPD, cancer history, multiple sclerosis. heart attacks and strokes are also insurable risks that
we've personally seen State Farm decline and we've obtained affordable life insurance rates.
If you're in good health and don't have any medical issues, even State Farm life insurance's best health class doesn't compare to what you can obtain on the open market.
Our State Farm Life Insurance Review
I don't want this to sound like we're picking on State Farm because of their overpriced life insurance with below average underwriting. They really are a great company when it comes down to personal auto and homeowners. Life insurance just isn't in their wheelhouse.
So why would your friendly State Farm agent sell you an overpriced life insurance policy?
Well, State Farm's agents have life insurance quota's they have to meet. I actually feel bad for the agents because they HAVE to sell their over-priced life insurance. I hear this complaint from my State Farm agent friends (who I would never out) and on internet message boards. Here are 2 of those message board threads:
We understand that some people have a good relationship with their neighborhood State Farm agent. For those people, we suggest you obtain a quote from an independent life insurance agency like ours and compare it to what State Farm offers. Bring it in to their office and give them a chance to beat what we give you. You can even run the rates yourself on their website. Choose the best offer.
Term life insurance is a commodity. As long as you get it from an AM Best "A" rated company or better, you should go for the best priced term life insurance policy. If you're looking for whole life coverage, compare the illustrations and expenses in each policy - State Farm isn't competitive in term or whole life situations. ever.
For those that don't have that relationship with their State Farm agent, we encourage you to give us a call. We don't work on behalf of any specific company, we work on behalf of our clients. Our agency has over 60 life insurance companies to choose from and we always find the best coverage at the lowest possible cost.
We hope this State Farm life insurance review and information was useful. Please don't hesitate to call or fill out our request form for quotes or with any questions.