State Farm Term Life Insurance Explained
Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide you with the …
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Written by
Jeffrey Manola
Founder & Licensed Agent
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs.
She has since used that knowledge in her more than ten years as a writer, largely in the insur…
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Reviewed by
Leslie Kasperowicz
Farmers CSR for 4 Years
UPDATED: Feb 15, 2022
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Facts You Should Know
State Farm offers three different term life insurance policy options that each offer different benefits
State Farm’s Select Term policy option is the company’s standard option which comes in 10, 20, or 30-year terms
You can find competitive term life insurance rates with State Farm but will want to compare rates with other providers if you’re looking for the best price
Looking for competitive term life insurance quotes? State Farm term life insurance could be a good option. State Farm is a large company with a notable presence selling more than one type of insurance.
We understand that there is an excess of life insurance companies to choose from, all with different products. We’ll break down State Farm’s term life insurance options, rates, and more.
Ready to learn more about State Farm term life insurance? Keep scrolling or take advantage of our free quote tool above to see which life insurance companies can offer you the best rates.
Does State Farm offer term life insurance?
State Farm is a major contributor in the insurance industry despite being outside of the top ten largest life insurance providers according to the Insurance Information Institute. This doesn’t necessarily mean that State Farm doesn’t contribute a significant amount in the life insurance industry, however.
If you’re looking for term life insurance products specifically, you’ll be in luck with State Farm. The company also offers whole life insurance and universal life insurance if you aren’t certain which is best or if you may want to convert in the future.
What is term life insurance and how does it differ? Term life insurance is a life insurance policy option that has a reasonable monthly payment for policyholders. In return, the insurance company will provide a significant death benefit to the insured’s beneficiaries if they die.
State Farm actually offers three different term life insurance options which have different benefits, shown below.
Above you can see some of the subtle differences between the different State Farm term life options. State Farm’s Select Term policy option would be considered the most standard of the bunch and would resultantly be the most affordable.
The Return of Premium option would most likely cost a bit more, but it could be worthwhile to pay the extra premiums. In short, policyholders that outlive the policy term will be eligible for a refund if they decide not to renew the policy.
Lastly, the Instant Answer Term policy option is State Farm’s version of life insurance with no medical exam. This policy type tends to be more expensive since the insurance company provides coverage without a medical exam which helps them identify any underlying health conditions that you may have.
If you’re young and you think you might live longer than 30 years, the Return of Premium policy might be a good choice. For those who think they are in poor health but still want reasonable life insurance rates, the Instant Answer Term option could be a good choice.
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How much does State Farm term life insurance cost?
Since State Farm offers three different term life insurance options, it’s hard to guarantee exactly how much you’ll pay. Again, the Select Term policy option will be the cheapest on a monthly basis for most people. These rates will vary depending on your age, gender, health status, and many other small factors.
Below, you can see how State Farm’s rates change in response to age, gender, and the amount of coverage you get.
Age is a major determinant of life insurance premiums. As you can see above, young women could pay as little as $12.70 per month for a 20-year term life insurance policy whereas older women could pay upwards of $400.00.
In general, men will always pay a little more than women of similar age and health. In any case, it’s clear that your life insurance rates will depend on a variety of factors.
State Farm’s term life insurance rates are fairly competitive with other industry competitors based on the sample rates above. If you are simply looking for the cheapest rates, you almost always want to shop quotes from multiple providers.
Otherwise, it’s also a good idea to briefly review each company’s ratings and reviews before committing to any one life insurance company. Our State Farm life insurance review covers everything you need to know before you invest in a long-term life insurance policy.
Is State Farm term life insurance good?
State Farm has excellent company ratings which would include its life insurance policies. It’s clear that State Farm offers strong policy options with reasonable prices. What else is there to know?
State Farm’s term life insurance policies have other features that could benefit you as a policyholder, referred to as life insurance riders. Life insurance riders typically come at an added price but help make your policy more versatile. With State Farm, you’ll have the option to include the following life insurance riders:
Children’s term rider
Select term rider
Waiver of premium for disability
Each of these life insurance riders is unique but could be a great addition to your policy in certain situations. The children’s term rider is designed to cover unexpected funeral costs if your child were to die unexpectedly. Funerals can be a major expense in excess of $10,000.
If you feel like you need to increase your coverage or cover your spouse, the select term rider helps you make coverage adjustments. This would be applicable if you incurred new debts and wanted to assure your beneficiaries wouldn’t inherit your debt.
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The waiver of premium rider is designed to bypass your life insurance payments if you become disabled. If you have a dangerous job, this could be a valuable rider to invest in.
Overall, State Farm has strong policy options and life insurance riders that offer additional flexibility.
State Farm Term Life Insurance: The Bottom Line
State Farm offers competitive term life insurance rates and a trio of term life insurance policy options. While the company’s Select Term option might be the most affordable, some people could benefit from their Instant Answer Term or Return of Premium Term options.
By now, you should know whether or not State Farm term life is worth considering. Before you go, don’t forget to get personalized quotes from leading life insurance companies with our free quote tool below.
