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State Farm is a mutual insurance company based in Bloomington, Illinois, that provides various insurance and financial services in the United States and Canada. Its insurance products are sold through agents and include home, auto, business, life, and more. The company offers final expense insurance policies (called Whole Life in New York) through its life insurance division.
- $5,000 to $100,000 in coverage
- No medical exam - simple application
- No waiting period – fast approval process
- Buy direct from Globe Life
- 4.2 million current policyholders
- Life insurance that fits your budget
On the plus side, its premiums are level premiums - that is, benefits are available immediately if the policy owner passes away and premiums do not increase - but it does not leave a lot of options for older adults with serious health problems, who would be most interested in this type of insurance.
Its prices, as expected, are markedly different for older adults as well. In the quote we requested, for example, we received a quoted premium of $27.71 for a 50-year-old woman in California versus $78.62 for a 68-year-old. That standards for health were also fairly rigorous. To qualify as "average health" - the lowest health classification available - the applicant cannot have hypertension, high cholesterol, have little history of family cancer or heart disease, and no more than two traffic violations within the last 12 months, among others.
A plus in their column is State Farm's long history, stability, and financial strength. However, that is offset by the lack of available options for individuals with any current health problem, those older than 80, and fairly low coverage.