Mortgage Life Insurance Products

Eligible age at time of application: 20-60

Minimum policy: $50,000

Premiums: are anticipated to be level throughout the term of the coverage, but may be raised or lowered by the Company on an annual basis after the policy has been in force for 5 years.

Premium classification: State Farm® is able to offer you one of the following premium classifications depending on eligibility:

Regular: Available for current tobacco or other nicotine product users or those who have used tobacco or other nicotine products within the 12-month period prior to application.

Non-Tobacco: Available for those who do not currently use tobacco or have not used tobacco or other nicotine products within the 12-month period prior to application.

Adjustable premiums: Adjustable premiums mean State Farm may raise or lower premiums after 5 years based on future expectations of investment earnings, mortality, persistency, and expenses. Premiums may never be raised above the maximum premiums stated in the policy.

Convertible:  If your temporary needs turn to permanent needs, and you now need permanent life insurance, these policies have a conversion feature. 

Optional riders: You can enhance your Mortgage Life policy and provide additional protection for you and your family.  The following riders are available with our Mortgage Life policy for an additional premium:

• Waiver of premium for disability: Protects your life insurance at a time when income may be limited due to a disability. When the insured becomes totally disabled for 6 continuous months, as defined in the policy, this coverage will waive all future policy premiums as long as the insured continues to be totally disabled.
  
  
• Mortgage Life rider – 15: Provides temporary life insurance protection in an amount typically sufficient to cover the unpaid balance of the usual residential decreasing mortgage indebtedness.  This rider is available for 15 year durations.  The amount of insurance is level for the first five years and then decreases annually at the beginning of each policy year, with a minimum amount of 20% of the original face amount
  
  
• Mortgage Life rider – 30: Provides temporary life insurance protection in an amount typically sufficient to cover the unpaid balance of the usual residential decreasing mortgage indebtedness.  This rider is available for 30 year durations.  The amount of insurance is level for the first five years and then decreases annually at the beginning of each policy year, with a minimum amount of 20% of the original face amount

This is a general description of coverage. A complete statement of coverage is found only in the policy.

Contact your State Farm agent for details on coverage, costs, and restrictions. You can also obtain a quote online.

Annual Decreasing Term Life Insurance policy series: 08022 in all states except MT, NY, WI, CA, MS, NV; 08072 in MT, A08022 in NY & WI, not available in CA, MS, NV

Waiver of Premium Benefit Rider for Annual Decreasing Term:  policy series 08205 in all states except MT, NY, WI, CA, MS, NV; 08505 in MT, A08205 in NY & WI, not available in CA, MS, NV.

Annual Decreasing Term Life Insurance Benefit Rider for Annual Decreasing Term Policies: policy series 08103 in all states except MT, NY, WI, CA, MS, NV; 08403 in MT, A08103 in NY, WI, not available in CA, MS, NV.

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