In business since 1922, State Farm is one of the largest life insurance providers in the United States. The company is headquartered in Bloomington, Illinois, but has satellite offices nationwide.
In addition to providing life insurance, State Farm is the largest auto insurance provider in the country and insures nearly a fifth of all the nation’s homeowners. With its wide reach and financial stability, policyholders can take comfort in knowing the company won’t have trouble fulfilling its obligations to customers when it comes to paying out premiums.
State Farm has an outstanding reputation for both financial stability and excellent customer service. The company received an A++ rating from AM Best and a Better Business Bureau ranking of A-. Both scores indicate that State Farm is not only financially stable but also focused on addressing customer concerns with care and attention and prioritizing making policyholders feel satisfied with the services provided.
Early payment options
Excellent planning tools on the website
User-friendly mobile app
Outstanding customer service
Strong product lineup, offering term, whole, and universal life insurance policies with a variety of different plans and options under each category
The website can be confusing
The application process is a bit long and convoluted and could be improved
Strict underwriting. This company has some of the strictest underwriting guidelines in the industry. If you have pre-existing conditions, you may not be approved.
No variable life insurance
High rates. With the strict underwriting, getting their best rates is difficult unless you’re young, fit, and have a clean family history
If you’re looking for a reputable, stable life insurance provider, State Farm is a great provider that offers big provider benefits, such as a vast network of agents, financial strength, and outstanding customer service. Although its policies are quite similar to other providers, its early payment options are an attractive option for many.