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- State Farm BankÆ Full Service Financial
How it Works
Premiums are paid into your policy's account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month*.
- Provides for a family's loss of income, mortgage costs, and educational needs
- Access to cash value for life's opportunities
- Estate, special needs, and business planning
Universal Life
A Universal Life policy is a flexible way to help protect your loved ones and build tax-deferred cash value.
- Flexibility - You decide the amount of life insurance and premium payments subject to policy minimums.
- Death benefit - Life insurance proceeds are generally income tax free to the beneficiary.
- The growth in cash value is tax-deferred under current federal income tax law.
- Access to cash value - The cash value can be accessed to help with education expenses, provide a retirement supplement, or other personal objectives.
State Farm offers Flexible Care Benefit Rider in select states. Learn More
Survivorship Universal Life
Survivorship Universal Life covers two people. The death benefit is paid when the last person insured under the policy dies. Survivorship Universal Life is an efficient way to assist with a variety of planning needs.
- Typically less expensive than two individual Whole Life or Universal Life policies
- Flexibility - You decide the amount of life insurance and premium payments subject to policy minimums.
- Death benefit - Life insurance proceeds are generally income tax free to the beneficiary.
- The growth in cash values is tax-deferred under current federal income tax law.
- Access to cash value - The cash value can be accessed to help with education expenses, provide a retirement supplement or other personal objectives.
* With Universal Life it is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.
Joint Universal Life
Joint Universal Life covers two people. The death benefit is paid upon the first death of the insureds. Joint Universal Life offers an economical way of providing permanent coverage to two individuals under one policy.
- Typically less expensive than two individual Whole Life or Universal Life policies
- Flexibility - You decide the amount of life insurance and premium payments subject to policy minimums
- Can raise or lower the coverage - and premiums - to fit the need 1
- Death Benefit payment after first death
- Life insurance proceeds are generally income tax free to the beneficiary
- Option to purchase another policy for the surviving insured
- Builds an account value, which grows income tax deferred under current federal income tax law
- Ability to withdraw cash (or take loans) from your account when you need it to help with education expenses, provide a retirement supplement, or other personal objectives 2
- Includes a broad range of riders and features to customize coverage
1 Increases in coverage are subject to underwriting and policy limits. Decreases in coverage are subject to policy limits.
2 Only four withdrawals are allowed per year ($500 minimum per withdrawal). Surrenders may be subject to a surrender charge. Unpaid loans and withdrawals will reduce the death benefit and the policy's cash value. Withdrawals also will reduce the policy account value/cash surrender value. Loans accrue interest.
