Limited Pay Life Insurance — A Lifetime of Benefits, Not a Lifetime of Payments

Life insurance can be the foundation for a family's financial protection. 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) offer whole life policies that not only help your family prepare for the unexpected, but also build cash value you can use during your lifetime.

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Limited Pay Life 10, 15, 20 Year

The coverage lasts. The premiums don't. These policies can be completely paid for in 10, 15, or 20 years. If purchased early enough in life, they'll help you avoid paying premiums during your retirement. That's the beauty of Limited Pay Life policies from State Farm®. You could secure a lifetime of life-enhancing benefits, without paying a lifetime of premiums.

Did you know? A limited payment life policy is ideal for a child — in addition to starting insurance coverage they will need as an adult, the policy earns cash value, which generally grows tax-deferred.

Sample rates are for a 25-year-old female in excellent health in Illinois. Get a quote to see personal pricing.

Need help choosing a policy? Compare policies.

Limited Pay Life

10 Years 15 Years 20 Years
Starting at $332.12/mo Starting at $121.10/mo Starting at $70.60/mo
$3,817.50 annually $1,392.00 annually $811.50 annually
$250,000 of coverage $100,000 of coverage $50,000 of coverage
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The examples are for the policy minimum death benefit.

How it Works

Premiums on limited payment life insurance are paid for a limited number of years, but the benefits last a lifetime.

  • Premiums are payable for 10, 15, or 20 years depending on the policy selected.
  • You can pay premiums monthly, quarterly, semi-annually, or annually.
  • Guaranteed cash value grows tax-deferred. Cash values can be accessed during your lifetime.1
  • The policy is eligible to earn dividends; however, dividends are not guaranteed. Dividends can accumulate at interest, purchase paid-up additional insurance, reduce future premiums, or be payable in cash. The choice is yours.2
  • No matter how large your death benefit, it passes to your beneficiaries generally income tax-free.
  • If you have auto insurance with State Farm, purchasing a State Farm Limited Pay Life policy may entitle you to a discount on your auto premiums with our multi-line discount.

And typically, the sooner you purchase your limited payment life policy, the lower your premiums will be. Talk to a State Farm agent for details on costs, coverages, and restrictions.

Customize Your Policy

Add value to your Limited Pay Life insurance policy with options and riders.3


1 Unpaid loans and withdrawals will reduce the guaranteed death benefit and policy cash value. Loans accrue interest.

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.

3 Insurance policies and/or associated riders or features may not be available in all states, and policy terms and conditions vary by state.

This is only a general description of coverage. A complete statement of coverage is found only in the policy. For more details on coverage, costs, and restrictions, 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

Issued by:

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

Each company is financially responsible for its own products.