How does Term Life Insurance State Farm policies stack up to Their Competitors?
We take a look at term life insurance state farm policies and compare them to other top companies. During my early life insurance sales years I often ran into policyholders that carried State Farm life insurance. I always knew it to mean one thing;
I could usually beat the rates hands down. As an agent this is a great position to be in. Just hearing the name of another insurance company and knowing you can beat the life insurance rates.
So from a pricing and competitive stand point, I would guess that you can probably find lower life insurance rates than through state farm. But, if you have read through any of the pages on this site; you would know that price isn’t everything.
If you have a very good local agent this can be the difference between a good insurance product and a bad one. I would rather buy a policy from a great agent and an okay life insurance company than a great company and a terrible agent. But, I suppose there are reasons to go either way.
Obviously, everyone would rather have a great agent and a good company but without research you just never know what you are getting until it is too late; which is why we show you both consumer satisfaction ratings and AM Best Financial strength ratings for our life insurance reviews. Here are the term life insurance state farm company review ratings. Our source is listed below the results.
Consumer Satisfaction Results:
Extremely Satisfied 23%
Very Satisfied 15%
Somewhat Satisfied 13%
Very Unsatisfied 35%
These results look pretty dismal but they are about average for an insurance company.
Please note that these results are for State Farm as a company whole. So there are results in here for homeowners, life, and auto.
This is a whole company representation of consumer reviews. These results can be found at:
AM Best Company Financial Strength Analysis of Term Life insurance State Farm Company:
State Farm Life Insurance Company
Insurance – Life, Annuity, and Accident (Operating Company)
Results at – http://www3.ambest.com/ratings/RatingsSearch.asp?AltSrc=9
These results are for the Life Insurance business side of State Farm and not include other branches of their business.
From the AM Best Report it is clear this is a stable company financially and should be considered a good option for company longevity and security.
Based on the results from both of these tests I would be neutral about dealings with State Farm Life Insurance. Neither good nor bad. They fall somewhere in the middle or are about average as far as insurance companies.