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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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If you are interested in this type of life product, please contact a State Farm® agent.

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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 $258.48/month Starting at $190.27/month Starting at $155.51/month
Starting at $100,000 of coverage Starting at $100,000 of coverage Starting at $100,000 of coverage


The examples are for the policy minimum death benefit.


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.footnote 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.footnote 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.footnote 3

Helps preserve your policy at a time when income may be limited due to a disability. If the base insured becomes totally disabled (as defined in the policy) prior to age 60 for six continuous months, this optional coverage will waive future policy premiums as they become due as long as the insured remains totally disabled. If the base insured becomes disabled between the ages of 60 and 65, this coverage will waive future policy premiums as they become due until the later of the third anniversary after disability and age 65, so long as the base insured continues to be so disabled. This rider coverage automatically terminates on the policy anniversary when the insured is age 65, unless disability occurs prior to that time.


  • Ages: 0-59

Insure your insurability! Buy additional amounts of insurance on specific option dates, without a medical exam, at standard rates. When you marry or become a parent, you may exercise the next available option. The Waiver of Premium for Disability Rider must be included on the policy to add this rider. Option ages are 17, 22, 25, 28, 31, 34, 37, 40, 43, 46 and 49.


  • Coverage: $25,000 — $100,000 (may not exceed the amount of the Basic Plan)
  • Ages: 0-37

If you've purchased a life policy for a child — and you become disabled (as defined in the policy) or pass on — this rider allows premiums to be waived on that policy for a period of time. Premiums will be waived until the rider expires or in the case of disability, until the purchaser recovers from the disability, whichever occurs first. (Disability of the purchaser must occur before age 60.) Rider remains in force until the insured child reaches age 25.



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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 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 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.

Policy Series Info

Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.

Life insurance and annuities issued by:
State Farm Life Insurance Company (Not licensed in MA, NY, and WI)

State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL

Each company is financially responsible for its own products.