Are you looking to compare State Farm’s term life insurance rates to those of the other top term life insurance companies?
Great! Then you came to the right place.
In this article, we’ll show you a chart with State Farm’s term life insurance rates by age as well a chart with the rates from State Farm’s top competitors for term life insurance.
Table of contents
- State Farm: Term Life Insurance Rates by Age Chart
- State Farm Competitors: Term Life Insurance Rates by Age Chart
- State Farm Life Insurance Premiums vs. Pacific Life vs. State Farm vs. AIG vs New York Life vs. Prudential vs. Primerica vs. Protective Life vs. Banner Life vs. Lincoln Financial vs. Northwestern Mutual
- State Farm Term Life Insurance Plans
- Select Term Life Insurance
- Term Life Insurance Riders
- Return of Premium Life Insurance
- Instant Answer Term Insurance
- Stat Farm’s Term Life Insurance Is Commonly Used For:
- State Farm Term Life Insurance Underwriting
- State Farm Term Life Insurance Health Categories
- Bottom Line
State Farm: Term Life Insurance Rates by Age Chart
The chart below show the monthly rates (quotes) for a State Farm term life insurance policy for a healthy, non-smoker, male in excellent health class for a 20-year term policy.
|Age||$100,000 Coverage||$250,000 Coverage||$500,000 Coverage||$1,000,000 Coverage|
*Date of birth used: 11/1. Rates current as of 11/1/2021. Methodology: 6’0’’ 170 lbs excellent health, no tobacco use. State Farm Select Term Life Insurance product.
State Farm Competitors: Term Life Insurance Rates by Age Chart
The chart below shows the monthly term life insurance premiums for some of State Farm’s most competitive term life insurance competitors, for a healthy, non-smoker, male at the Preferred Plus health class for a 20-year term policy. Rates are from Superior rated life insurance companies: Banner Life, Pacific Life, Protective Life and Lincoln Financial.
|Age||$100k Coverage||$250k Coverage||$500k Coverage||$1million coverage|
Date of birth used: 10/1. Rates are as of 11/1/2021
State Farm Life Insurance Premiums vs. Pacific Life vs. State Farm vs. AIG vs New York Life vs. Prudential vs. Primerica vs. Protective Life vs. Banner Life vs. Lincoln Financial vs. Northwestern Mutual
The table below compares the monthly term life insurance rates (quotes) between: State Farm vs Pacific Life vs AIG vs New York Life vs Prudential vs Primerica vs Protective Life vs Banner Life vs Lincoln Financial vs Northwestern Mutual for: $100k, $250k, $500k and a $1 million policy on a 20-year term.
|New York Life||A++||$23.76||$42.02||$69.19||$79.16|
*Rates are for a 40-year old male, Preferred Plus health class, D.O.B. 10/25/1981
State Farm Term Life Insurance Plans
Select Term Life Insurance
State Farm’s Select Term Life Insurance policy offers coverage for 10, 20 or 30 years.
- Term Length Options: 10, 20, 30 Years
- Coverage Avaialbe: $100,000 and up
- Issue Ages: 18 to 75 for Select Term 10, 18 to 65 for Select Term 20, 18 to 45 for Select Term 30
Term Life Insurance Riders
State Farm riders for their term policy include: Children’s Term Rider, Select Term Rider and Wavier of Premium for Disability.
Return of Premium Life Insurance
State Farm’s Return of Premium works by returning the premiums you paid during the term policy if you don’t pass away. The drawback is the cost. The premiums for return of premium are typically about 3x the cost of regular term life insurance.
- You can choose an initial term of either 20 or 30 years.
- You’ll pay a level premium throughout the initial 20- or 30-year policy period.
Instant Answer Term Insurance
State Farm’s no exam Instant Answer Term Insurance offers $50,000 of term life coverage up to age 50, or 10 years (whichever is longer). In-office approval available in minutes with no physical or medical tests required. Issuance of the policy may depend upon the answers to the health questions in the application.
- State Farm’s Instant Answer Term Insurance provides $50,000 of death benefit protection until age 50 or a maximum 10 years, whichever is longer.
- No medical exam is required.
Stat Farm’s Term Life Insurance Is Commonly Used For:
- Family Protection
- Income Replacement
- Mortgage Protection
- Debt Protection
- SBA Loan Requirement
- Final Expenses
- Estate Planning
- Buy-Sell Agreement
- Employer (Key person) Coverage
State Farm Term Life Insurance Underwriting
State Farm’s life insurance underwriting can be more strict in certain areas that other top term life insurance companies that are also Superior rated.
Let’s take a look the some underwriting guideline niches for other Superior rated term life insurance companies.
- Cholesterol: Banner Life, Lincoln Financial, Pacific Life and Prudential all allow a total cholesterol of 300 or less (with or without medication) and still be eligible for Preferred Plus, the top health class. Protective Life is 275 or lower.
- Blood Pressure: Banner Life, Lincoln Financial, Pacific Life and Protective Life require a blood pressure of 135/85 or lower to be eligible for the Preferred Plus health class (best health class).
- Traffic Violations: Banner Life, Lincoln Financial, Pacific Life and Prudential allow up two traffic violations in the past 3 years to be eligible for Preferred Plus (best rate class).
- Diabetes: Banner Life offers a standard plus health class to applicants with an A1c of 6.9 or lower that were diagnosed with type II diabetes age 50 or older.
- Height/Weight Chart (BMI): Pacific Life has one of the most favorable build charts. For example, an applicant 5’11” 215 lbs with a BMI of 30 or less can still qualify for the Preferred Plus (top health class). A male or female applicant with a BMI of 33 or less can still qualify for a Preferred (second best) health class.
- Anxiety/Depression: Many of the top A+ (Superior) rated companies still offer Preferred Plus (best class) or Preferred health class for those being treated/on a medication for anxiety depression.
- Sleep Apnea: Many highly rated life insurance companies such as AIG and Prudential will offer Preferred or even Preferred Plus for sleep apnea if compliant and good readings.
- Non-tobacco rates: Several Superior rated companies such as Lincoln Financial and Prudential offer non-tobacco rates for smokeless tobacco such as: chew/dip, pipes, daily cigars and marijuana/edibles.
State Farm Term Life Insurance Health Categories
- Excellent- No family history of cancer or heart disease, Cholesterol less than 175, Blood pressure less than 115/70, No traffic violations
- Good- Very limited family history of cancer or heart disease, Cholesterol less than 200, Blood pressure less than 120/75, No traffic violations in the past 2 years
- Average- Some family history of cancer or heart disease, Cholesterol less than 220, Blood pressure less than 125/80, Under 3 traffic violations in the past 3 years
- Fair- Some family history of cancer or heart disease,
*Methodology: definitions from State Farm website life insurance quote page
State Farm is a very highly rated life insurance company with an A++ Superior financial rating from A.M. Best that your loved ones can depend on to pay a valid claim.
State Farm also offers the opportunity to have all of your insurance coverage with one company: auto, home, umbrella and life, etc. In addition, State Farm has local offices and agents which many clients prefer.
However, as you can see in our State Farm Term Life Insurance Rates by Age Chart above, State Farm’s term life insurance rates are typically higher than those of their competitors, as seen above in State Farm Competitors: Term Life Insurance Rates by Age Chart. We recommend that you receive a quote from State Farm and also from the other top term insurance companies and choose the best policy for you.
Yes, State Farm is A++ rated and pays out all valid life insurance claims.
State Farm has the highest financial rating from A.M. Best A++ Superior. However, their premiums (rates) are typically higher than other Superior rated life insurance companies.
State Farm is one of the most well-known and trusted insurance companies in America. They also are one of only a select few life insurance companies to receive the distinction of being A++ Superior rated by A.M. Best. However, the rates for State Farm’s term life insurance are typically higher than other Superior rated life insurance companies. Also, State Farm can have stricter term life insurance underwriting guidelines than that of their competitors.
Yes, State Farm’s Select Term Life Insurance product starts at $100k and requires the medical exam as part of their underwriting process. However, State Farm does offer a product called Instant Answer Term Insurance that goes up to $50k and does not require a medical exam.
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