Life Insurance
State Farm Life Insurance
Life insurance protects you and your family against the unthinkable and the inevitable. State Farm offers several life insurance options to keep you and your family secure.
A State Farm term life policy of 5, 10, 20 or 30 years can be renewed or continued with higher premiums until age 80, 85 or 95, depending on the state in which you live. Term life premiums can be adjusted higher or lower as specified in the policy based on anticipated earnings and other factors, but a premium never will cost more than the maximum amount stated in the policy. Term life policies can be converted into permanent life policies up to age 75 in most states.
A whole life policy is a permanent policy with level premiums that can be payable for life or a fixed period, such as 15 years. The younger you are when purchasing a whole life policy, generally the lower the monthly premium.
A whole life policy can earn dividends when State Farm’s actual costs are less than anticipated when determining the premium amount, and the difference is returned to you. While dividends are not guaranteed, whole life policies do come with a guaranteed cash values that are tax-deferred under current federal law. You can borrow against the cash values or accept them as a payment if you surrender your policy.
Other types of whole life policies offered by State Farm are Universal Life, Variable Universal Life and Second to Die. A Universal Life policy has flexible payments and adjustable benefits that accumulate in value and can be changed over time as your needs change.
A Variable Universal Life policy has a flexible premium and long-term investment growth potential. Benefit amounts can be adjusted up or down, and monthly premiums can be skipped on occasion. Coverage can be changed without buying a new policy. Second to Die policies insure two people, such as spouses or business partners, and is similar to a Universal Life policy. No death benefit is paid until the second person insured dies. A Second to Die policy is meant to cover any estate tax liability and helps ensure the estate can be passed on to heirs.
In addition to life insurance, State Farm also offers various annuity options to help you and your family over the course of your life.
