StateFarm Life Insurance
"Like a good neighbor, State Farm is there!" You've probably heard this jingle more than a few times and with good reason. State Farm Insurance has some of the best offerings available on the market, the results indicate that.
State Farm earned the highest customer satisfaction rating from J.D. Power from among all life insurance providers. In addition, SNL Financial named State Farm its number one for provider for issuing individual life insurance policies.
As you can see, State Farm has an exceptional reputation. Along with its great reputation, here is a closer look at the term life insurance policies it offers you.
State Farm's Term Life Insurance Policies/Perks
The minimum coverage for a term life insurance policy is $100,000 and that applies to individuals up to the age of 95. That's applicable for term lengths of 10, 20 or 30 years. You can request a rate quote online, by email or over the phone. Plus you have some optional services to choose from including retirement and estate planning, annuities, managed accounts, long term care and small business insurance.
For term life insurance, there's a five-year option available for purchase. This is great in that it provides you with a short-term option if you need it with the versatility of renewal up to the age of 85 for all states aside from New York, where 80 is the maximum age of renewal. Coverage for this short term option ranges from $50,000 to $99,999. It's important to note that since this is a short term policy, as you age your premiums will rise. Therefore, this won't be the best option for all situations.
How to Apply with State Farm Life Insurance
State Farm provides you with ample ways to buy your term life insurance. You can start the process online, through the phone or by visiting a local branch. One unique feature online is as part of the quote process State Farm includes a coverage amount feature. With this feature, you can determine how much life insurance you need by entering information such as your debts, assets, final expenses and income replacement. This tool provides you with a figure that can help you determine the right coverage amount for your loved ones.
Also, you can begin your application online, save a quote and then contact a State Farm representative. This is great in that it provides you with an opportunity to receive personal guidance to ensure you select the right coverage, type and policy. Moreover, State Farm offers customization options such as adding riders to personalize your insurance to better meet your needs. It provides these options online or you can contact a State Farm rep to learn more.
Benefits of Going with State Farm Life Insurance
State Farm has an exceptional reputation; this is vital to find in an insurance provider because you want one that will have the financial backing needed in the unfortunate event your loved ones have to file a claim. Due to the numerous accolades State Farm has earned over the years, its reputation is solid, giving you confidence you are choosing a great provider.
In addition, it is a full service financial provider in that it can meet all your monetary needs. As part of this, if you have other insurance requirements such as home, renters or auto, you can buy all your policies and possibly save money with State Farm. Moreover, bundling all your policies makes managing them easier since they are all with one provider.
Lastly, State Farm makes it simple to receive an insurance quote either in person, through email or by the phone. For this reason, it is perfect for all comfort levels from the tech savvy that want to do everything online, to those that prefer to have a face to interact with when dealing with financial matters.
Drawbacks to Using State Farm Life Insurance
The most significant drawback that we identified is that there were some negative reviews regarding the customer service agents and filing claims. State Farm doesn't receive negative marks across the board however. Based on the information provided we think these were select instances that were eventually mediated.
Tools and Resources
State Farm's website is an informative resource for all your life insurance questions. On its website, you can watch helpful videos explaining the purpose of life insurance, how much life insurance you might need and how living benefits can aid your family like providing for your child's education.
Along with these videos, you have access to some unique tools like the calculator, which will use all your financial information to compile a figure to assist you in determining coverage needs. Furthermore, there's also great features on life insurance basics and links to identity local agents in your area. Overall, its website is easy to use and full of great information to aid you.
Customer Service with State Farm Life Insurance
State Farm has customer care representatives available 24 hours a day, seven days a week to assist you. As part of this service, you also can file claims and make premium payments over the phone anytime you need to. Its technical support team is also available all the time to assist you with any problems you encounter using State Farm's website and/or its Pocket Agent mobile application.
It also has social media accounts with Facebook and twitter where you can receive updated information from State Farm, links to educational resources and even the opportunity to contact a member of its team. Ultimately, State Farm works hard to ensure you have the support you need any time you require it.
Verdict - Good
Although it's received some less than positive reviews in response to the customer service agents we're more than happy to put State Farm in our top five review of term life insurance. They have a pleasant array of pros and benefits that would suit a number of individuals seeking life insurance, including friendly service, easy to use web tools and an excellent array of policy choices.