March, 25 2017

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State Farm Life Insurance Review 2016

State Farm Life Insurance Review 2016

Author
Users
  • Price
  • Underwriting
  • Financial Strength

State Farm Life Insurance Review 2016

The Pros:  Financial Strength– State Farm has the highest financial rating available in 2016; A++ (Superior) from A.M. Best.  Size– State Farm is one of the largest life insurance companies in America.  Brand Recognition– With a significant adverting presence, State Farm is a household name when it comes to insurance.  Local Agents– State Farm has local offices that you can stop into to see your agent if you have any questions.

The Cons:  State Farm’s life insurance rates are typically more expensive compared to the rest of the market (see rates below).  Also, their underwriting can be more strict than many other top companies which can increase premiums or lead to a decline.

Bottom Line:  State Farm is the largest property and casualty in America in 2016. They are also one of the most well-known names in the insurance industry.  State Farm also has the highest financial rating available; A++ Superior which means they are one of the strongest insurance companies financially in America. They do have local agents and offices in the community which many people prefer.  However, their life insurance rates can be expensive compared to other top life insurers.  Also, their life insurance underwriting can more strict then other top rated insurance companies.  As with all the companies we review, we recommend that you receive a quote from State Farm but also from the other top companies and choose the best one.

 

 

About

Type: Mutual Company

Underwriter: State Farm Life Insurance Company

Founded: 1922

Website: statefarm.com

Phone: (309) 766-2311

Address: One State Farm Plaza, Bloomington, IL, 61710

A.M Best Rating 2015: A++ (Superior) Best of 16 possible ratings

Comdex Ranking: 98 out of 100

BBB Rating: B

Products: Term Life, Whole Life, Universal Life, Variable Universal Life

Competitors: MassMutual, New York Life, Northwestern Mutual, Principal, Mutual of Omaha, Guardian, Pacific Life Insurance, North American Co, Lincoln National Life, State Farm, Farmers, Allstate, Nationwide, American Family Life Insurance, Progressive Life Insurance, ANICO, Allianz Life Insurance Company, Fidelity & Guaranty Life, American General Life, Banner Life, Protective Life, Primerica, Genworth Life,  ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Grange Life Insurance Company, Symetra Life Insurance Company, a, John Hancock, PennMutual,  TIAA-CREF, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, Assurity, Colonial Penn, AARP, Globe Life, Ohio National Life Group, EMC National Life, Motorists Life, Pan-American Life, National Life Group, American Family, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Unum.

 

 

State Farm Term Life Insurance Prices 2016 vs. The Competition

Sample monthly prices for $500,000 20 year term life insurance policy for a 40-year old male (D.O.B. 6/15/1975) at the best health class:

Company Price Rating

Pacific Life: $32.51 A+

Mutual of Omaha: $33.47 A+

Protective Life: $33.03 A+

AIG: $33.65 A

SBLI: $35.58 A+

Banner Life: $36.30 A+

MetLife: $36.81 A+

TIAA-CREF Life: $38.15 A++

Voya: $39.38 A

Nationwide: $40.05 A+

Transamerica: $40.86 A+

AXA Equitable: $41.06 A+

Lincoln National: $41.13 A+

Prudential: $43.65 A+

State Farm: $45.70 A++

MassMutual: $46.11 A++

Primerica: $47.98 A+

New York Life: $53.84 A++

 

 We want to hear about your experience with State Farm Life Insurance.  Tell others if you would recommend them to your friends and family in 2016.  Please leave a comment and rating below right now.

One Comment

  1. Expensive or not, State Farm puts their customers first. I’ll gladly pay a little bit more so I am guaranteed to be taken care of when I need it the most during claim time, at falt or not.