Final expense insurance — financial relief in a time of loss
Final Expense ($10,000 whole life in NY) is available to residents of New York only. For residents located in all other states, learn more about Guaranteed Issue Final Expense Life Insurance.
Life insurance from State Farm Life Insurance Company (Not licensed in MA, NY or WI) or State Farm Life and Accident Assurance Company (Licensed in NY and WI) can be the foundation of a family's financial protection, and one kind of whole life policy is Final Expense insurance. Final Expense insurance can help prepare your family financially for your loss, while building cash value you can use during your lifetime.
To learn how affordable Final Expense insurance can be, speak with a State Farm® agent for more information.
Final expense ($10,000 whole life in NY)
Final Expense Life Insurance can help families deal with grief, rather than worry about burial expenses. This State Farm Final Expense policy pays a fixed $10,000 death benefit directly to your beneficiary, who may or may not use it to help pay final expenses.
|Premium Duration||Coverage Limits||Issue Ages|
|To age 100||$10,000 only||50 to 80
50-75 in New York
|Age Availability||Coverage Amount|
|50 to 80
50-75 in New York
Benefits of final expense insurance
- Premiums remain level and may be payable beyond age 100.
- The death benefit is guaranteed as long as premiums are paid as required.
- You can choose between monthly or annual premium payments.
- The cash value of the policy accumulates tax-deferred.
- Your beneficiary chooses whether or not to use the death benefit for burial expenses.
- Your policy may earn dividends (there's no guarantee). If it does, those dividends can accumulate while earning interest, purchase paid-up additions, be used to reduce a premium that's due, or be paid in cash – it's up to you.
Note: This policy could be considered a Modified Endowment Contract at certain issue ages, and as such, any distributions (e.g., loans, dividends paid in cash or accumulated, or a policy assignment) will be subject to current income tax to the extent there is taxable gain in the policy. In addition, a tax penalty equal to 10% of the taxable amount will be applied to funds distributed prior to the owner's age 59½. In order to defer taxation, the paid-up additions dividend option should be chosen.
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Why you should consider final expense insurance
According to the National Funeral Directors Association, the median cost of a funeral, burial services, and a vault is $9,135, while the median cost for cremation is $5,150. (Source: NFDA News Release, December 19, 2019)
With Final Expense Life Insurance from State Farm (called "$10,000 Whole Life" in NY), your guaranteed death benefit of $10,000 will be paid to your beneficiary, who may or may not choose to apply it towards these costs (applying the benefit to your funeral, burial, or related expenses isn't required).
When you choose State Farm for Final Expense life insurance, your policy is backed by our financial strength. State Farm Life Insurance Company and State Farm Life and Accident Assurance Company have consistently earned top financial strength and performance ratings from the major rating agencies. These agencies assign ratings to help consumers evaluate an insurer's financial strength and claims-paying ability. Since 1929, we've helped millions of customers protect their assets and provide a more-secure future for their families.
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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.
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.
Dividends are a return of premium and are based on the actual mortality, expense, and investment experience of the Company. Dividends are not guaranteed.
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. State Farm producers do not provide tax or legal advice. Additionally, neither State Farm nor its producers provide investment advice, except in certain limited circumstances relating to tax-qualified fixed annuities and life insurance policies funding tax-qualified accounts. Please consult your tax or legal advisor regarding your specific circumstances.
This policy does not guarantee that its proceeds will be sufficient to pay for any particular service or merchandise at the time of need or that services or merchandise will be provided by any particular provider.
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)