State Farm Life Insurance Company
Coverage Originally for Farmers, Now for the World
State Farm Insurance Company was founded in 1922 by a farmer turned insurance salesman who thought he could offer a better product than what was currently available. The company was originally organized as a mutual auto insurance company. The company still prides itself on offering coverage at a fair price, with fair claim settlements. While best know for their property and automobile insurance branches, the State Farm Group also has its own life insurance subsidiary, State Farm Life Insurance Company, which offers ordinary or whole life and term life insurance. This branch of State Farm has total assets of $37.5 billion, with net life insurance of $548 billion.
Life Insurance Offered by State Farm
State farm’s term life insurance plans include the following:
- Level premiums for 5, 10, 20, or 30 years
- 5-year term is issued between ages 16 to 64, for a minimum value of $50,000.
- Select term 10 is issued between 20 and 75, with a minimum value of $100,000.
- Select term 20 is issued between ages 20 and 65, with a minimum of $1000,000.
- Select term 30 is issued between ages 20 and 45, with a minimum value of $100,000.
- Can be renewed at higher premiums up to either age 85 or 95, depending on the policy.
- May be converted to whole or permanent life insurance at any time the policy is in force
- Most term policies may be converted to age 75
- Five different preferred classifications are available, based on tobacco use.
Financial Ratings for State Farm
A.M. Best: A++
Standard and Poor’s: AA
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
State Farm Life Insurance Company Information
One State Farm Plaza
Bloomington, IL 61710
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