What is whole life insurance?
Whole life insurance helps your family prepare for the unexpected. The guaranteed death benefit can help replace a family's loss of income, help with mortgage costs, or educational needs — or to leave a legacy for the next generation. Over time, these policies build cash value that grows tax-deferred. This “living benefit”footnote 1 can be accessed during your lifetime. State Farm Life Insurance Company or State Farm Life and Accident Assurance Company (residents of NY and WI only) can help.
Find an agent to get a life quote
If interested in discussing your life insurance needs, please contact a State Farm® agent.
State Farm® Whole Life Insurance policies offer level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force.
Policies can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years.
While policy loans do accrue interest daily, any outstanding policy loans and interest will reduce the death benefit and cash value.
While not guaranteed, policy may earn dividendsfootnote 2 that can be paid in cash, used to reduce policy premium, accumulate as interest, or pay for additional insurance.
Limited Pay life insurance
A lifetime of benefits without a lifetime of premiums. Pay premiums for 10, 15, or 20 years. Your choice.
Single Premium life insurance
One premium payment, a lifetime of benefits.
Guaranteed Issue Final Expense
This policy is designed to ease the financial burden of burial expenses. Not available in NY.
Guaranteed Issue Whole Life
Guaranteed Issue Whole Life (New York only) is designed to ease the financial burden of burial expenses.
Award-winning customer satisfaction
#1 in Customer Satisfaction among Life Insurance Providers for 5 years in a row.footnote *
Need help choosing a policy?
| Products | Best if seeking | Premiums |
|---|---|---|
| Whole Life | Guarantee of lifetime coverage, level premiums, and cash value accumulation. | Guaranteed to stay the same your entire life. |
| Limited Pay Whole Life | Lifetime of coverage without a lifetime of premiums. | Level premiums last 10, 15, or 20 years based on choice. Once all premiums are paid, the policy becomes paid-up while the coverage continues. |
| Single Premium Whole Life | Immediate protection without additional payments. | One premium. |
| Guaranteed Issue Final Expense (Not available in NY) | Choose $10,000 to $15,000 in coverage to help with final expenses. You won’t be turned down due to medical reasons. Offered to individuals between the ages of 45 to 80. | Guaranteed to stay the same for your entire life. |
| Guaranteed Issue Whole Life (NY only) | Choose $10,000 to $15,000 in coverage to help with final expenses. You won’t be turned down due to medical reasons. Offered to individuals between the ages of 50 to 75. | Guaranteed to stay the same for your entire life. |
| Whole Life | ||
|---|---|---|
| Best if seeking | Guarantee of lifetime coverage, level premiums, and cash value accumulation. | |
| Premiums | Guaranteed to stay the same your entire life. | |
| Limited Pay Whole Life | ||
|---|---|---|
| Best if seeking | Lifetime of coverage without a lifetime of premiums. | |
| Premiums | Level premiums last 10, 15, or 20 years based on choice. Once all premiums are paid, the policy becomes paid-up while the coverage continues. | |
| Single Premium Whole Life | ||
|---|---|---|
| Best if seeking | Immediate protection without additional payments. | |
| Premiums | One premium. | |
| Guaranteed Issue Final Expense (Not available in NY) | ||
|---|---|---|
| Best if seeking | Choose $10,000 to $15,000 in coverage to help with final expenses. You won’t be turned down due to medical reasons. Offered to individuals between the ages of 45 to 80. | |
| Premiums | Guaranteed to stay the same for your entire life. | |
| Guaranteed Issue Whole Life (NY only) | ||
|---|---|---|
| Best if seeking | Choose $10,000 to $15,000 in coverage to help with final expenses. You won’t be turned down due to medical reasons. Offered to individuals between the ages of 50 to 75. | |
| Premiums | Guaranteed to stay the same for your entire life. | |
Get a local agent who gets you
There’s a State Farm agent nearby ready to offer personalized service to fit your specific needs.
Want to know more about life insurance?
return to reference * For J.D. Power 2024 award information, visit jdpower.com/awards
return to reference 1 Permanent life insurance develops cash value that can be borrowed. Policy loans accrue interest and unpaid policy loans and interest will reduce the death benefit and cash value of the policy. The amount of cash value available will generally depend on the type of permanent policy purchased, the amount of coverage purchased, the length of time the policy has been in force and any outstanding policy loans. There may be tax consequences associated with policy loans. Neither State Farm nor its agents provide tax or legal advice.
return to reference 2 Dividends are a return of premium and are based on the actual mortality, expense, and investment experience of the Company. Dividends are not guaranteed.
This is a general description of 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 your local State Farm agent.
Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.
Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.
Each State Farm insurer has sole financial responsibility for its own products.
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL
The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.