Get Affordable Protection — Term Life Insurance
How it Works
Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that "term." State Farm® offers a variety of affordable term life insurance products to fit your needs, time frame, and budget.
- Help provide for a family's loss of income
- Cover short-term debts and needs
- Provide additional insurance protection during the child-raising years
- Provide longer term protection to help your family pay off a mortgage or to help pay for a college education
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Term Life Insurance Policies
Sample rates are for a 25-year-old female in excellent health in Illinois. Get a quote to see personal pricing.
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Select Term Life Insurance
Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.
Return of Premium Term Life Insurance
Return of Premium Term Life insurance offers you coverage with a level premium payment for 20 or 30 years, whichever you choose. If you outlive that premium period, all policy premiums you've paid will be returned to you. Coverage starts at $100,000. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits. Once past the level premium period, premiums will increase annually.
Mortgage Term Life Insurance
Mortgage Life 15 or 30 is designed to provide funds for the repayment of a residential mortgage in the event of premature death. Coverage is available for 15- or 30-year periods. After the first five years, the death benefit, which is meant to behave similar to your mortgage, decreases over the life of the policy. It is sometimes called a "decreasing term" policy. You choose the amount of coverage ($50,000 minimum) based on your mortgage balance. The policy is convertible to a permanent policy regardless of health, subject to age limits.
5 Year Term Life Insurance
This affordable protection covers any short-term life insurance need you may have. Coverage is available for $50,000 to $90,000, and you have the right to renew for an additional five-year term up to age 85 (age 80 in NY), though premiums will increase with age. The policy is convertible to a permanent policy regardless of health, subject to age limits.
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This is a general description of term life insurance coverage. A complete statement of coverage is found only in the policy.
For more details on coverage, costs, restrictions, and renewability, or to apply for coverage, contact a local State Farm agent.
There are limitations and conditions regarding payment of benefits due to misrepresentations on the application or when death is the result of suicide in the first two policy years.
Not FDIC Insured
- No Bank Guarantee
- May Lose Value
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)