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State Farm Life Insurance

State Farm Life Insurance
Overall Satisfaction Rating 3.98/5
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  • 1 stars
Based on 349 ratings submitted in the last year

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    State Farm Life Insurance Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
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    Verified Reviewer Verified Buyer
    Original review: June 26, 2020

    We wanted to withdraw money from my husband’s universal life policy because we need money towards a downpayment on a house. We called to see why we owed $6500 as we saw on his online account. We now understand that In 1998 my husband opened a universal life policy for $100k. About 4 years later in 2002, he needed extra money and wanted to withdraw from his policy. Somehow he ended up with a loan instead and then borrowed $854. He was set up on a $15/month payment plan. Today, the amount owed from that loan is $6900!

    A few years back his policy was reduced from$100k to $97k. We have called to understand how this happened and we were told that back then, State Farm had hard to understand universal life policies and terms and my husband likely did not understand what he signed up for when he got the loan. It is widely accepted that not all customers—or even all insurance agents—fully understood years ago how borrowing could undermine a universal-life policy. We were told that interest is not included in the payment and he gets a yearly bill for interest. The loan itself must be paid off after years of $15/month so why is he still paying it?

    The initial $854 should have been paid off in 6 years if it was principal only! The interest “bill” that comes once a year does not look like a bill! Every year we have gotten one, we mistook it for a yearly statement because It does not have a due date, if it is not paid by a certain time there is no second notice, no one calls to say we are late- nothing. It does not look like a normal State Farm bill. Only when I called to ask about this, it was explained to us that if it’s not paid, they automatically add the interest to the outstanding loan balance every year. We had no idea about this! No one has asked us if this is what we wanted, State Farm takes the liberty to do this as a “courtesy”.

    Had we known or understood that we were supposed to pay this interest bill, or if it looked like a normal bill- we would have arranged to pay it every year. And why is the interest not just included in the monthly payment we make? Why is he still being charged $15 a month for $854 that should have been paid off? Why has none of this been explained to us? Why would our agent of 18 years allow a $854 loan to turn into $6900 over the years and not help us understand what was happening? Why not suggest a higher payment or make us aware that interest wasn’t being paid and the amount is getting so high that $15/month will never pay it off?

    We have 5 policies with State Farm and they call and send a notice if anything goes wrong and our monthly payment doesn’t go through. They make sure to do this so that our past due amount doesn’t get out of control and so our policies don’t lapse. Why hasn’t anyone done the same for this high interest that has accrued? They admit that we likely didn’t understand and the once a year interest statement should be worded differently to help customers understand. Also, why was the initial amount of the death benefit reduced by almost $3000? Was that supposed to pay down the interest? It is so confusing!

    We called headquarters on 6/24 and they were rude and offer no solution. State Farm is supposed to be like a “good neighbor” and be there for their customers as they claim. We have been loyal customers since 1998 and yet received no help or understanding. I want State Farm to refund and reverse this outrageous $6900 interest. We will never be able to pay this off. I also want them to change their statements and paperwork to be easier to understand and clear to their customers. I want them to add a due date to yearly interest bills and make it look like an actual bill. I want them to send a notice BEFORE taking the liberty to keep adding interest every year and advise their customers on what will happen if only the minimum payment is paid on a loan.

    At this point we will NEVER be able to pay it back. Eventually, after all of these years, my husbands policy will lapse because of this high interest. It is not fair and it is apparent that their practices are designed to get customers to sign up for the appeal of being able to withdraw or get a loan when needed- use complicated paperwork and language and allow customers to pay only $15 so that interest will build up and they can collect a lot of money. Please do the right thing and be a good neighbor, be there for us like you say! Waive this outrageous interest! There is not enough money for us to withdraw from our policy because of this confusing and outrageous interest! We have been good customers for years- please be good to us in return.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 12, 2019

    What was clearly represented as an annuity attached to a death benefit that was supposed to be guaranteed at 4.5%, turned out to be a savings plan attached to a death benefit. After 26 years of timely payments, The value of my policy is only worth the premiums and reinvested dividends I contributed. These products are still sold today. Truthfully, yields 0% after 26 years. Seems to be an issue with the word "guaranteed" and the term "total cash available". Sold as a great investment to begin for our children and grandchildren. CLEARLY, that is not the case. A death benefit policy only. Keep your money.

    10 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: July 25, 2019

      Back in 2014 I got my auto insurance with y’all and my agent force me to get a life insurance with State Farm and he say after five years I will get my money back. Now is 5 years. No one can answer my question. I need my money back. Y’all need to stop lying to people.

      15 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: July 5, 2019

      My agent just straight up lied to us. My husband and I were looking for a life insurance policy a few years back after me being honorably discharged from the Army and him retiring from the Army. He told us that our premiums (minus the cost of insurance) would be invested in the stock market and it would grow according to the market of course. At first I didn't monitor it, because I know it's a long term investment so I was just paying the premium and not worrying about it. One day I realized I haven't received a statement from them other than the savings account they said we had to open in order to start the life insurance policies. Mind you; this savings has not gained one cent in interest in 3 years.

      So, I go online to register for an online account to manage our life insurance policies. Once registered, to my surprise and disappointment, it doesn't show the premium (minus the cost of insurance) being invested in the stock market, or any growth there of. All it shows is how much we pay for premiums, how much we pay for the insurance and that's pretty much IT. It doesn't even have the option to view/print your statements online. And I have yet to receive a statement even upon request from my agent.

      If this company was on the up and up, why don't we have access to our policy statements?? We have never even received an annual statement. This is a total RIP OFF! Now if we cancel the policies, we are stand to loose over 1,600 dollars plus the money we have wasted paying into these crappy policies. Please don't fall for the lies and double talk like we did! And if anyone knows how to surrender this policy with minimum penalties, please advise.

      21 people found this review helpful
      Rated with 4 stars
      Verified Reviewer
      Original review: June 7, 2019

      I am satisfied with my State Farm ins. But with my policy w/ my Postal Life ins. I am less satisfied because it’s a lot harder to get any of my questions answered or info delivered to me. Also receiving a copy of the info is quite difficult.

      4 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 21, 2019

      Last year 2018 I had purchased vehicle insurance with State Farm and everything was going okay. Until I hit a lumber on the highway. The next month after I had attempted to make a payment which was $100. While my payment didn’t go through I had been told my insurance went up to $200 just because some review they did. I told them I was not going to pay for that and the State Farm person told me I had to $240 in order for me to get out of the policy! I did not pay it cause that was outrageous and I’ve never been told that I had to pay in order to get out of the insurance before. (Unhappy customer)???

      13 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 5, 2018

      I currently use State Farm (Mat **) Insurance. For the most part all the services I use are good. Now when it comes to the matter of life insurance, a lady name Gloria was the agent assisting me and everything started off good. I was scheduled for testing by them to be weighed, etc. at my house and that went well. They said to have my doctor forward my medical history so they can proceed. That was done and I have not heard back from Gloria for weeks.

      I received a text saying they are still waiting for my med records. I contact my doctor's office and they said they sent it a long time ago. I conveyed the info and suddenly they realized they do have it. Smh. After that I never heard back from them. Gloria use to text and email me every week faithfully soliciting their life insurance products so I was taken aback. I texted her and emailed her inquiring and no reply. Texted her about something else to see if she still works there and she replied. So disappointed with her behavior.

      22 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 5, 2018

      I was insured by State Farm (The Good Hands People) for almost 30 years. In March of 2017, my 19 year old son was in an accident. The accident was not a large payout, under 5000. They doubled my insurance for 6 months. This repaid the entire amount of the accident cost. That was bad enough, considering, I had given them THOUSANDS OF DOLLARS over the last 30 years; however, they then decided to cancel him. Granted they wanted to keep my business, they just didn't want him. Since he is a college student, still living at home, it was impossible to get insurance for only him. Therefore, I had to take all my policies elsewhere. State Farm are not "The Good Hands People", they are the "Drop You Like a Hot Potato People." They cannot be trusted and they have no respect for loyal customers.

      60 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Jan. 26, 2018

      We got life insurance when we got married in 1989. We have never missed a payment. My husband's is for 100,000. Mine is for 50,000. We are being told that my husband's insurance will be gone by the time he reached 79 years old. He is 69 now. They want us to get different insurance for him which will be much more expensive than what we are paying. This is insurance was to be a guaranteed payout upon his death. There was no age limit on this. Wondering if there is any class action suits against them for this type of business. They say it's because of the stock market. But my policy is just fine... Very upset about this...

      83 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 2, 2017

      My family and I have been with Statefarm for nearly 20 yrs. I have three children 15, 21, and 23 which all have Life policies. Two, Whole Life and one 10 Pay. With that being said my daughter's 10 pay has been paid and I still pay premium for the two whole life. About two weeks ago I visit with my agent to review all my policies and see what my family needs don't need. I found out that my daughter's TenPay policy had termed due to me surrendering the policy for $1500, I nor my husband was aware of it. So I tried to write another policy on her for $10,000, along with new life policies.

      I received a phone call from my agent to call him back in reference to my child's policy. I returned the call with devastating news that my 15 yr old's policy was denied due to uncontrollable diabetes. You see both of my girls have Juvenile Diabetes. My question to Statefarm is what is the criteria for it be wrote. Statefarm states she needs two years as controlled an A1C of 7.5. My child has been newly diagnosed going on two years and dealing with hormones etc. My 15 yr old had a TenPay and Statefarm termed the policy for a $51.00 interest in Dec 2015, not a surrendered policy.

      We have nothing nor knew about the cancellation, as a parent I know the risk of a policy for a child with diabetes. I asked the agent if any certified letter was sent with such an important policy about to be canceled. Statefarm agent stated they don't send certified letters on a policy for terminating a Paid Insurance Policy. Now Statefarm wants your business and will meet you anytime, anywhere to write a policy and collect money but not when you are about to lose a $10,000 dollar policy that was Paid up, rates will never change. I feel that Statefarm, my agent was not in the best interest for my family, my children, and our future.

      51 people found this review helpful
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      State Farm Life Insurance author review by Neal Frankle

      State Farm Life Insurance is a Fortune 500 company that specializes in a variety of insurance solutions, including term, whole and universal life insurance. Its flexible policy options allow its customers to obtain a customized life insurance policy that meets their needs and fits their budgets.

      • Diverse policy riders: State Farm offers many diverse policy riders, such as accidental death benefits and long-term care benefits, that can be added to any policy to create a customized plan.

      • Learning center: The State Farm Learning Center provides valuable information about all types of life insurance options to help customers make informed decisions about their policies.

      • Numerous policy options: Additional policy options are available to State Farm customers, including term conversion options and survivorship options.

      • Flexible payment schedule: Customers have the option of making monthly payments toward their policy, or they can pay on an annual or semi-annual basis.

      • Local agents: State Farm has more than 18,000 agents strategically located around the country to provide customer-friendly services at a convenient location.

      by Neal Frankle Life Insurance Contributing Editor

      Neal Frankle is a Certified Financial Planner in Los Angeles. He is the publisher of, an information resource for consumers. He has been a professional financial advisor since 1991 and is the editor of

      State Farm Life Insurance Company Information

      Company Name:
      State Farm Life Insurance
      Year Founded:
      One State Farm Plaza
      Postal Code:
      United States
      (800) 782-8332