State Farm is one of the most recognized names in insurance. The company offers auto, homeowners, disability, business, and life insurance along with a wide range of financial products. State Farm's life insurance offerings include whole, universal, and term life policies. Most State Farm life insurance policies require a medical exam and getting a final coverage decision can take weeks. However, there is an exception. If you're under 45 and looking for $50,000 in coverage or less, you can get a decision in minutes with State Farm's no exam Instant Answer term Policy. Read on to learn more about what this unique no exam life insurance policy from State Farm offers.
You can purchase up to $50,000 with a State Farm instant Answer term insurance policy. These policies don't require a medical exam and are available to applications between 16 and 45. Your policy can keep you covered until your 50th birthday or for up to 10 years. State Farm will issue your policy for whichever time period is longer. So if you purchase an Instant Answer policy when you're 25, you can keep your coverage until you're 50. This effectively makes it a 25-year-term. If you purchase a policy when you're 42, your coverage will last for 10 years and end when you are 52.
You can read more key details about State Farm Instant Answer policies below:
State Farm's Instant Answer policies are designed to be an affordable option for young families. Your exact life insurance rate for a will depend on factors such as the amount of coverage your purchase, any riders you add to your policy, and your life insurance rate class. Your life insurance rate classification is the risk group the life insurance company will assign you to based on their underwriting standards. To determine rate classifications, life insurance companies look at information such as your:
People who are considered low risk will be placed into the highest life insurance rate classification and will receive the best rates. Your life insurance quote from State Farm represents a guess or estimate of your rate class. Your final price will be based on your rate classification after underwriting is complete.
Although State Farm Instant Answer doesn't require a medical exam, you will need to answer some health questions. The application process will ask you for information about your current health, your health history, and about any significant family health history. It's important to answer these questions as honestly as possible. State Farm's underwriting technology will use the information available in consumer databases to verify your information. Misrepresenting your health could be considered fraud and could cause your application to be denied.
There's not a lot of information available about what will cause an automatic decline for a State Farm Instant Answer policy. However, it might be very difficult to be approved for this policy if you:
Questions that can affect underwriting if you answer yes
It's hard to say for certain exactly what conditions could cause your rates to go up. However, the following conditions are likely to raise your rates. They could even cause a decline if there are other reasons the underwriters feel that your application is risky.
You need to visit a licensed state farm agent to buy a no exam policy from State Farm. You can start by getting quotes online. If you like what you see, you can use State Farm's agent locator tool to find a State Farm agent near you. The tool will give you information about the agents in your area, including their contact details, qualifications, languages spoken, and any agency associations.
The agent will walk you through the application process. Since you'll be applying for an Instant Answer policy, you'll be able to get a decision right away. You can then purchase the policy in your agent's office. Your coverage will begin the day you buy your policy.
In the United States, financial reviewing companies rate insurance companies on their ability to meet their financial obligations. Reviews look at likely it is a company will be able to meet all their current obligations and all the obligations they will have in the years to come. State Farm is a trusted company with solid financial ratings. They currently have an A++ from A.M. Best and an AA from S&P Global. Additionally, Moody's ranks State Farm on tier Aa1.
The National Association of Insurance Commissioners (NAIC) tracks complaints in the life insurance industry. The NAIC averages these complainants and their resolution every year to give companies a score called an NAIC complaint index. The average score on the NAIC complaint index is 1.0. An insurance company with a score of less than 1.0 has received few complaints than average, and any insurance company with a score of higher than 1.0 has received more complaints than average. State Farm currently has a complaint index of .27. This means State Farm receives fewer complaints than the average life insurance company.
State Farm offers three different ways to cancel a policy. You can cancel by phone, mail, or in person. You can read more about each option below:
State Farm Insurance
One State Farm Plaza
Bloomington, IL 61710
There are three ways to begin a life insurance claim with State Farm. You can contact your local state farm agent, call 877-292-0398 to reach a State Farm claims specialist, or write to State Farm. If you choose to write to State Farm, you can use this address:
State Farm Life Insurance Company
Bloomington Life Operations
P.O. Box 2364
Bloomington, IL 61702-236
No matter how you contact State Farm, you'll need to be prepared to provide a little bit of basic information about yourself and about the policyholder. This will include:
State Farm will then contact any beneficiaries and initiate any paperwork needed to process the claim. They'll let you and any beneficiaries know if they need more information.
State Farm doesn't say how long it will take them to pay out your claim. However, they do state that payments will be processed quickly once they have all the information they need. A State Farm claims specialist might be able to give a better idea of the timeline for your specific claim if you call in and speak to them.
You can contact State Farm using these phone numbers: