Term life insurance provides death protection for a stated time period, or term.
Term life insurance is perhaps the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years.
In most states and three Canadian provinces, State Farm® offers term insurance policies providing level premiums for 5, 10, 20, and 30 year periods. These policies can be renewed or continued at higher premiums in most states to age 85 or 95 as stated in the policy (age 80 in New York).
View a listing of State Farm's term life policies, or get a quote.
Features of Term Life Insurance
Initial affordability
Adjustable premiums:Term life insurance policies have adjustable premiums. This means that State Farm may raise or lower premiums at some point specified in the policy based on projected changes of investment earnings, mortality experience, persistency, and expenses. However, premiums may never be raised above the maximum premiums stated in the policy.
Renewability:State Farm's level term policies allow the policyholder to continue coverage past the original coverage period of the policy. Each time the policy is renewed the premium increases to the amount for the then attained age of the insured. This right is usually offered for a specific period, which varies depending on the type of policy.
Conversion: State Farm term policies are convertible to age 75 in most states. Conversion allows the policyholder to exchange a term life insurance policy for any permanent life insurance policy offered by the Company at any time while the policy is in force (subject to established policy minimums).
View a listing of State Farm's term life policies, or get a quote.
This is a general description of coverage. Contact your State Farm agent to apply for coverage, or for details on coverage, costs, restrictions, and renewability.
Credit Life insurance can help protect your vehicle purchase. It can pay off or reduce the balance of your vehicle loan in the event of your death. This could help your family keep your new vehicle at a time when they need it the most.
Coverage features:
Both single coverage (primary borrower only) and joint coverage (primary borrower and one co-borrower/co-signer) are available.
Benefits are paid directly to State Farm Bank® to pay off or reduce the balance of your vehicle loan.
Credit Life premium is always financed over the term of the loan along with the amount financed to purchase the vehicle.
No application or physical exam required, no occupation restrictions.
Coverage begins immediately.
Ask your State Farm® agent about Credit Life insurance when you apply for a vehicle loan.
This is a general description of coverage. A complete statement of coverage is found only in the Certificate of Group Credit Life Insurance Protection. Credit Life insurance is not available in HI, MA, RI, SC. For more details on coverage, costs, and restrictions, contact your local State Farm agen
Permanent life insurance coverage for as long as you live and continue to make timely premium payments.
With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.
View a listing of State Farm's whole life policies.
Features of Whole Life Insurance
Premiums generally are level and payable for life: Since premiums are level, the younger you are when you purchase a whole life policy, the less expensive the annual premiums will be.
State Farm also offers whole life policies that provide shorter premium payment periods, such as 15 years or a one-time payment.
Dividends: Whole life insurance policies can earn dividends. Dividends result when our actual life insurance costs turn out to be less than we assumed in setting our premiums. When this happens, State Farm may return a portion of your life insurance premium to you as a dividend. Dividends are not guaranteed, since we don't know our actual costs in advance.
Guaranteed Cash Values: Unlike term life insurance, which does not accumulate any cash values, some of the money you pay into your whole life policy accumulates as guaranteed cash values. If you choose to surrender the policy, these guaranteed cash values would be available to you. Or, as long as the policy is in force, you may borrow against them as a policy loan at the current policy loan interest rate.
The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it. The growth in cash values is tax deferred under current federal income tax law. Borrowed amounts reduce the death benefit and cash surrender value.
View a listing of State Farm's whole life policies.
Other types of permanent policies we offer include Universal Life, Variable Universal Life and Second to Die.
Your State Farm agent can help you find the life insurance policy that fits your needs and your budget.
