Life insurance is purchased by companies and individuals to cover not only the cost of funeral and burial arrangements, but also the expenses of those family members and friends that are left behind after the death of the insured. Purchasing life insurance through State Farm gives policyholders different options to fit his or her personal budget, as well as benefits and discounts for other types of insurance programs offered through State Farm.
Term Life Insurance Information
Term life insurance is offered through State Farm. This type of life insurance offers liability to policyholders or families on a limited budget. Term insurance can be purchased in small amounts, but because the premiums are low, those who purchase term insurance through State Farm are not paying off large amounts. Insured individuals are leaving behind funds to help raise children or to pay off loans and other small debts. Term life insurance may be renewed through State Farm, but the premium and benefit amount increases each time the policy is renewed.
Whole Life Insurance Information
Whole life insurance policies may be purchased through State Farm. With State Farm whole life insurance policies, the younger the insured, the lower the premiums. State Farm also offers shorter premium payment periods that can be a one-time payment or 15 years of payments. State Farm allows policyholders to borrow against his or her whole life insurance policies. With whole life insurance, State Farm guarantees that some of the money policyholders invest in his or her whole life insurance plan will accumulate money over time.
Universal Life Insurance Information
Some insured individuals purchase policies when they don't have as much money to pay the premium as they would like. For these instances, State Farm offers universal life insurance policies. Universal life insurance allows the insured to change the amount of insurance he or she would like to have at their discretion. However some of the changes may require underwriting approval. The insurance proceeds are generally tax-free for universal life insurance.
Mortgage Life Insurance Information
State Farm offers individuals mortgage life insurance. Mortgage life insurance guarantees death benefits to beneficiaries and family members if the insured dies. The funds from the mortgage life insurance can be used to pay the monthly mortgage payments, or pay the loan off. The amount of the premiums payments for mortgage life insurance will remain level for the first five years and then decrease thereafter. State Farm offers a discount on auto insurance as an added benefit for those who purchase mortgage life insurance.
Group Life Insurance Information
State Farm offers group life insurance to help small business owners and their employees. The premiums with group life insurance through State Farm are federal tax deductible. Valuable life insurance is obtainable through State Farm for small business owners at a low group rate. The business has the right to change and name beneficiaries at any time. State Farm also offers business a wavier premium disability rider at no extra cost to the company or employee.