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State Farm Disability Insurance Review


Rating: 6.4 / 10 (Very good)
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Founded in 1922, State Farm is one of the top insurance providers in the country offering life, auto, and disability insurance products. The company boasts the highest financial strength ratings from the nation's top credit rating agencies, evidencing its strong ability to meet its long-term obligations. They offer short-term, long-term, and mortgage disability insurance policies.

How is State Farm rated?

Breakdown

8/10
Policies & Coverage
6/10
Flexibility
10/10
Financial Strength
7/10
Reputation & Customer Experience

Overall Rating: 6.4 / 10 (Very good)

State Farm provides consumers with short-term and long-term disability solutions, as well as mortgage disability, which is a feature not all insurers offer. Though little information on policy benefits can be found on its website, they appear to offer high monthly maximums for both policies and an industry-standard range of benefit and elimination periods. It has great financial strength ratings, but its customer reputation, as well as recent regulatory actions, take some shine off this insurance jewel.

State Farm Policies & Coverage

Policies & Coverage - 8 / 10

State Farm offers short-term and long-term disability insurance, which pays a monthly income while a policyholder is unable to work because of a total disability. It also offers mortgage disability insurance, which helps policyholders meet mortgage payments for up to three years during a total disability. Information on the website is minimal, and consumers are asked to contact a State Farm agent for more information. Unlike other policies, however, it appears this plan does not cover pregnancy.
Policy Types
Long-Term
Short-Term
Individual
Group
STD Maximum Monthly Benefit
$300 to $3,000 per month, based on income and occupation class
LTD Maximum Monthly Benefit
$500 to $20,000, based on income and occupation
Short-Term Benefit Period
Many options, including 1 and 3 years
Long-Term Benefit Period
Many options, including 5 years and up to age 67
Online Quote
Pre-Existing Conditions Exclusion

State Farm Flexibility

Flexibility - 6 / 10

A list of the riders State Farm offers for long-term and short-term disability policies is not available.

State Farm Financial Strength

Financial Strength - 10 / 10

State Farm has some of the highest credit ratings in the industry, including the top rating from A.M. Best. It was founded in Illinois in 1922, and it has a 0.73% share of the individual accident and health insurance market.
Company Type
Underwriter
Underwriter
State Farm Mutual Automobile Insurance Company
Year Founded
1922
Market Share 2017
0.73%
Total Premiums 2017
$719,847,357.00
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aa1
AM Best Financial Rating
A++

State Farm Reputation & Customer Experience

Reputation & Customer Experience - 7 / 10

State Farm has an A- rating with the BBB, with a large number of negative reviews and complaints filed against them. This is not unusual for a company of its size. On the other hand, its complaint ratio on the NAIC database is only 0.14, with only 11 complaints in filed against them in 2017. It should be noted that government action was taken against the company in 2017 by the California Commissioner of Insurance, who determined the company had overcharged clients and ordered the return of over $13 million in premiums. Consumers are advised to research any other actions taken against this and other insurance companies in their own states.
BBB Rating
A-
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
162
Trustpilot Rating
4.7 out of 10
Date Collected
2018-03-19
NAIC Complaint Ratio 2017
0.14
NAIC Total Complaints 2017
11

Company Profile

Full Name
State Farm Disability Insurance
Company Website
Headquarters
One State Farm Plaza, Bloomington, IL, 61710

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Top Rated
7.8 / 10
  • Comprehensive group and individual short- and long-term disability insurance policies
  • Total and partial disability policies
  • A large selection of features and riders available on most plans
  • Accident-only disability and critical illness insurance also available