State Farm is a life insurance provider which operates in all fifty states. The company offers an array of burial and life insurance options.
State Farm is the nation’s eighth-largest life insurance company. It is a well-known brand name with a generous selection of life insurance products, including burial insurance. The National Funeral Directors Association reports that the average cost of funeral and burial services now exceeds $8,000, and the average cost for cremation now exceeds $6,000. State Farm’s burial insurance offers coverage that can be tailored to fit your needs. This coverage serves to relieve loved ones of additional stresses by providing solid financial protection to cover any final expenses.
Waiting period Does coverage have a waiting period? | As soon as the policy is approved, if you qualify |
Customer service Availability of and ease of access to customer service? | Agents are available 8 AM-8 PM EST Mon-Fri. |
Medical exam Medical exam required to obtain coverage? | Yes |
Maximum coverage What is the maximum coverage available for burial insurance? | State Farm offers a fixed amount of $10,000 in coverage. |
Coverage age limit Who is eligible for burial insurance coverage? | You are eligible if you are between the ages of 50-80 (50-70 in New York). |
Living benefits Are chronic and terminal illness benefits included with burial insurance? | No |
Exclusions What isn’t covered? | Suicide, if it occurs during the first two years of the policy. |
Rate increases Will the rates increase each year? | No, premiums remain level throughout the life of the policy term. |
Cost Monthly premium | Varies based on age and other factors |
Ease of enrollment Ways you can enroll | Through a local agent |
Coverage What services are covered? | Burial insurance |
The younger and healthier you are, the simpler the process for choosing an insurance plan. With so many burial insurance options on the market, choosing the right option can be a complex process. Fortunately, State Farm has a solid reputation for providing high quality customer service. The company has more than 18,000 agents positioned throughout the United States, ready and available to assist you with choosing a plan tailored to your specific needs. State Farm Agents are accessible to provide advice, quotes and guidance either online, by phone or in person at a local office. The customer service these agents provide is often rated as exceptional on all levels.
State Farm Insurance takes a very conservative view when underwriting its policies. This can be somewhat discouraging, especially if you have an advancing health condition. State Farm’s underwriting guidelines are somewhat restrictive, particularly if you have pre-existing conditions such as multiple sclerosis, hepatitis C or Crohn’s disease. Compared to other companies, State Farm’s requirements have been described as unrealistic.
For example, to qualify for Preferred Best Rates with State Farm, your cholesterol reading must be under 175. Most other companies will grant Preferred Best Rates if your cholesterol reading is less than 300. Also, most medical professionals would describe an adult blood pressure reading of 120/80 as excellent. However, State Farm requires a reading of 115/70 to qualify for the lowest rates. Simply put, you may need to be somewhat of an ideal physical specimen to qualify for Preferred Best Rates with State Farm. Furthermore, if you have a family history of serious health issues, or a poor driving record, these could also move you into a lower rate class, or possibly lead to claim denial.
Pros:
Cons:
Bottom Line:
State Farm offers a basic burial insurance option with a maximum coverage amount of $10,000. While its premiums are more expensive than other companies in many cases, you can get customized and personal service through a local agent. State Farm is a great life insurance company if ‘exceptional customer service’ is on your list of must-haves.
State Farm has been rated as a top performer by the following agencies: A.M. Best, Standard & Poor’s, and Moody’s.
Simply put, State Farm is a very reputable and stable company that offers basic burial insurance with a low coverage amount of $10,000. When compared to other companies, this low benefit amount is below average. While their premiums may be more expensive than other companies and their underwriting guidelines are somewhat stricter, if you desire basic coverage and exceptional customer service, you may find that State Farm meets your needs.
Frequently Asked Questions:
Does your term coverage include an ‘accelerated death benefit?’
No.
How do I get started?
To get started, you can go online to receive an online quote. You will then be directed to a local agent to complete the application process.
What if I apply and change my mind later?
For a limited time after State Farm issues a policy, you have the right to cancel your policy and receive a full refund of all premiums paid.
More Information:
Overview:
Package Details:
Optional Accessories or Add-on Services: N/A
Contract Details: N/A
Warranty: N/A
Accreditations: State Farm Insurance does not have an accredited business profile or rating with the Better Business Bureau.
Company Details: State Farm was founded in 1922 by George J. Mecherle, a retired farmer. The company initially specialized in auto insurance converge for farmers. Later, State Farm extended its services to other types of insurance, including life insurance. In 2013, State Farm ranked 44th in the Fortune 500. In 2016, its combined net worth was reported at $87.6 billion.
State Farm Insurance
One State Farm Plaza
Bloomington, IL 61710
Phone: 800-782-8332
Website: https://www.statefarm.com
5 min read
Sept. 20, 2019
