2024 State Farm Burial Insurance Review – Pros & Cons
last updated on April 3, 2024Our State Farm burial insurance review will give you all the information you need to help you decide if State Farm’s burial insurance is right for you.
This review will only focus on their final expense policy for seniors.
After reading this review, you will better understand if their burial insurance product is best suited for your needs and budget.
| AIGSTATE FARM STAR RATING | |
|---|---|
| First-day Coverage | ★★★★★ |
| Ease of Approval | ★★ |
| Coverage Amount | ★★★ |
| Pricing | ★★ |
| Riders | ★ |
FOR EASIER NAVIGATION:
- Does State Farm Offer First-day Coverage?
- Pros of State Farm Burial Insurance
- Cons of State Farm Burial Insurance
- State Farm Burial Insurance Product
- State Farm Burial Insurance Riders
- When Does State Farm Burial Insurance Makes the Most Sense?
- State Farm Underwriting Guidelines
- State Farm Pricing Examples
- Getting Approved for State Farm Burial Insurance
- The Best Payment Option
- State Farm Company Overview
- How Can Funeral Funds Help Me?
- Additional State Farm Life Insurance Questions & Answers
Does State Farm Offer First-day Coverage?
YES, State Farm’s whole life final expense product offers first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their final expense plan will cover you from day one. Once approved, the company will pay a 100% death benefit when you pass away.
Pros Of State Farm Burial Insurance
First-day coverage – no waiting period if you qualify for coverage
No medical exam – State Farm will review your health and prescription records to verify your health and eligibility.
Cons Of State Farm Burial Insurance
Non-diabetic friendly – any form of diabetes will often result in a declined application
3 years look back period – on cancer and heart issues
Low coverage amounts available – death benefit maxes out at $10,000
Captive agents – State Farm agents exclusively sell their life insurance products (which often do not have the best pricing or benefits).
STATE FARM BURIAL INSURANCE PRODUCT
State Farm’s final expense or burial insurance is a whole life insurance policy designed to cover final expenses.
It only has a fixed maximum coverage of $10,000.
FEATURES OF STATE FARM BURIAL INSURANCE
- No medical exam – you are only required to answer some specific health questions.
- Level premium – your insurance premium is fixed and may be payable beyond age 100.
- Level death benefit – the death benefit will never decrease as long as you pay your premiums on time.
- Cash value accumulation – the policy’s cash value can accumulate over time on a tax-deferred basis.
- The insurance payout can be used for any purpose – your beneficiary can choose whether or not to use the death benefit to pay funeral and burial costs.
State Farm Burial Insurance Riders
Unfortunately, State Farm’s final expense insurance does not offer riders additional benefits to their burial insurance product.
When Does State Farm Burial Insurance Makes The Most Sense?
Buying State Farm final expense insurance makes the most sense if you want to earn dividends from your burial insurance policy. State Farm is a mutual company that offers policyholders the option to accumulate dividends and earn interest. You can use the dividends to pay your premium or receive cash.
When State Farm Burial Insurance Is Not A Good Option
Here are the instances when State Farm’s final expense insurance is not good for you:
- If you have significant health issues
- If you are looking for a death benefit that is less or more than $10,000
- If you are over the age of 80
You will be surprised that many other insurance companies offer better rates and benefits than State Farm.
If you are looking for burial insurance, don’t forget to compare many companies before purchasing the best plan with the best premium.
State Farm Underwriting Guidelines
You are not required to take a medical exam or physicals to qualify for State Farm’s final expense policy. Instead, you will only answer some basic health questions and agree to have them review your medication and prescription history.
You will see specific medical issues asked on the application, and having any of these health issues will cause a decline in your application.
HEALTH QUESTIONS
Here are the health questions you will see on the application. Answering yes to any of them will mean automatic decline.
“KNOCKOUT” QUESTIONS
- Have you ever been declined by State Farm in the past for any life insurance product?
- Are you currently in a hospital or nursing facility?
- Are you currently bedridden at home?
- Are you currently receiving Home Health Care?
- Are you currently confined to a wheelchair?
- Do you need help with your activities of daily living such as eating, bathing, dressing, toileting, continence, and transferring?
- Are you currently using supplemental oxygen to Breathe?
- Do you have Alzheimer’s or dementia?
- Within the previous three years have you had or ever been treated for cancer?
- Do you have or been treated for COPD in the last 3 years?
- Have you ever been put on dialysis?
- Have you ever been diagnosed or treated for AIDS or HIV?
- Have you ever had tissue or organ transplant?
OTHER HEALTH QUESTIONS
- Do you have or been treated for a heart or circulatory procedure such as an angioplasty, balloon procedure, or stent placement in the last 3 years?
- Have you ever had a heart defibrillator?
- Have you ever had or been treated for issues of your heart or your circulatory system, including aneurysms, heart attacks, congestive heart failure, or chest pain within the past 3 years?
- Within the past 3 years have you had a stroke or a mini-stroke?
- Have you been treated for kidney disease, liver cirrhosis, hepatitis A, B, or C within the last 3 years?
- Have you ever had or been treated for muscular dystrophy, Parkinson’s Disease, Lou Gehrig’s Disease?
- Have you ever had or been treated for multiple sclerosis or Huntington’s disease?
- Have you had or been treated for a mental disorder like bipolar or schizophrenia in the past 3 years?
- Have you ever been treated for alcohol or drug use in the last 3 years?
State Farm underwriting is very strict compared to other life insurance providers that offer this same type of simplified issue whole life burial insurance.
They have a comprehensive list of health issues they don’t access, making qualifying for final expense insurance difficult for those with only minor health issues.
State Farm does not offer guaranteed issue burial insurance with no medical exam and no health questions, unlike other companies.
PRESCRIPTION HISTORY CHECK
State Farm will electronically review your prescription history to check for prescription medications you are taking to treat any health issues they ask about. A prescription history check will validate your answer to the health questions and reveal what health condition you’ve been treating in the past.
Some prescription drugs are a red flag and can cause you to not qualify for coverage. If you take prescription medications for any health issues they care about, they may respond negatively to your application.
For example, if you say “no” to having COPD but are taking medication to control your condition, State Farm will offer you a plan consistent with someone who has COPD and denies your application.
MEDICAL INFORMATION BUREAU (MIB) REPORT
MIB provides information about your previous life insurance application results. This report is shared among insurance companies for review.
If you applied for life insurance in the last six months and you were denied coverage, this information would be written in your MIB file, which will be accessible to State Farm should you decide to apply to them in the future.
For example, if you inform the other insurance company, you applied to before you have cancer. This information will be on your MIB report. If you answer the health questions that you don’t have cancer, your MIB report will refute your answer to the health question, and your application may be denied.
State Farm Pricing Examples
| FEMALE | NON-TOBACCO | TOBACCO |
|---|---|---|
| AGE | $10,000 | $10,000 |
| 50 | $27.71 | $31.50 |
| 55 | $34.88 | $40.97 |
| 60 | $42.40 | $51.17 |
| 65 | $53.99 | $67.28 |
| 70 | $72.22 | $88.87 |
| 75 | $98.08 | $118.36 |
| 80 | $136.60 | $147.25 |
| MALE | NON-TOBACCO | TOBACCO |
|---|---|---|
| AGE | $10,000 | $10,000 |
| 50 | $33.15 | $42.88 |
| 55 | $41.60 | $52.94 |
| 60 | $53.25 | $66.39 |
| 65 | $71.36 | $91.35 |
| 70 | $90.79 | $115.80 |
| 75 | $123.95 | $140.23 |
| 80 | $155.40 | $171.08 |
Getting Approved For State Farm Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
State Farm Company Overview
State Farm is a mutual insurance company founded in 1922 that provides various insurance and financial services in the U.S. and Canada. It is the biggest home and auto insurance and the eighth biggest life insurance in the country.
It is ranked 33rd in the 2017 Fortune 500 in terms of revenue.
State Farm offers final expense insurance policies through its life insurance division. They have 18,000 agents who exclusively offer the company’s insurance products.
State Farm Financial Ratings
- A.M. Best: A++
- Standard & Poor’s: AA
These scores from primary rating agencies indicate that State Farm is financially stable and can meet its financial obligation to policyholders on time.
How Can Funeral Funds Help Me?
Finding a policy from State Farm needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies because we will do the work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search all those companies and match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for State Farm funeral insurance, State Farm burial insurance, or State Farm life insurance.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you accurate life insurance quotes.
Additional State Farm Life Insurance Questions & Answers
STATE FARM INSURANCE COMPANY INFORMATION
Does State Farm carry life insurance?
Yes, State Farm carries life insurance. State Farm offers term life, whole life, and universal life insurance.
Is State Farm Insurance still in business?
Yes, State Farm Insurance is very much in business today. They sell life and health insurance, annuities, property and casualty insurance, and other financial services.
Is State Farm Life Insurance legitimate?
State Farm Life Insurance is a legitimate company based in Bloomington, Illinois.
Who owns State Farm life insurance?
State Farm Life Insurance is owned by its parent company, State Farm Mutual Automobile Insurance Company.
Is State Farm life insurance a mutual company?
Yes, State Farm Life Insurance is a mutual company.
How long has State Farm been in business?
State Farm has been in business for almost 100 years.
What is State Farm life insurance rating?
State Farm’s financial rating is “A++,” the highest rating by A.M. Best.
What is State Farm website?
Check out State Farm’s website at https://www.statefarm.com
What is State Farm life insurance phone number?
Life claims – 877-292-0398
24/7 Phone line – 800-440-0998
What is State Farm customer service number?
(800) 782-8332 is State Farm’s customer service number.
What is State Farm email address?
State Farm’s email address for claims – statefarmclaims@statefarm.com
What is State Farm members’ login?
State Farm login. Click this link to view and manage your account.
Where is State Farm located?
State Farm is located in Bloomington, IL 61710
What is State Farm’s corporate address?
State Farm Insurance One State Farm Plaza Bloomington, IL 61710
Where can I find State Farm life insurance reviews?
State Farm life insurance review
Where can I find State Farm BBB reviews?
Check out State Farm Life Insurance BBB reviews here.
How to pay State Farm life insurance?
You can send State Farm life insurance payments through their website.
Can I pay State Farm life insurance online?
Yes, you can pay State Farm life insurance online by accessing your account.
How can I access State Farm life insurance claim form?
State Farm life insurance claims can be accessed on their website.
Where can I check State Farm life insurance complaints?
Check out State Farm’s complaints here.
STATE FARM LIFE INSURANCE PRODUCTS
What are the different life insurance products offered by State Farm?
State Farm offers term life, whole life, and universal life insurance products.
How old do you have to be to apply for State Farm final expense insurance coverage?
You need to be 50 to 80 years old to apply for State Farm’s final expense insurance.
Can you get first-day coverage with State Farm?
Yes, State Farm’s whole life final expense insurance comes with first-day coverage.
What are the pros and cons of State Farm’s final expense life insurance?
Pros:
- First-day coverage – no waiting period if you qualify for coverage
- No medical exam – State Farm will review your health and prescription records to verify your health and eligibility.
Cons:
- Non-diabetic friendly – any form of diabetes will often result in a declined application
- 3 years look back period – on cancer and heart issues
- Low coverage amounts available – death benefit maxes out at $10,000
- Captive agents – State Farm agents exclusively sell their own life insurance products (often not the best pricing or benefits).
How much life insurance can you get with State Farm life insurance?
With State Farm’s final expense insurance, you can only get $10,000 coverage.
What does State Farm life insurance cover?
State Farm’s final expenses can only cover funeral, burial, and final expenses.
Does State Farm bundle life insurance?
To save money, State Farm’s life insurance can be bundled with your home, car, condo, or renters’ insurance.
STATE FARM INSURANCE PRICING
How much does State Farm life insurance cost?
Expect to pay between $28 and $172.
How much does State Farm charge for life insurance?
State Farm’s life insurance costs vary by age, gender, and state.
Where can I get State Farm Insurance pricing?
| FEMALE | NON-TOBACCO | TOBACCO |
|---|---|---|
| AGE | $10,000 | $10,000 |
| 50 | $27.71 | $31.50 |
| 55 | $34.88 | $40.97 |
| 60 | $42.40 | $51.17 |
| 65 | $53.99 | $67.28 |
| 70 | $72.22 | $88.87 |
| 75 | $98.08 | $118.36 |
| 80 | $136.60 | $147.25 |
| MALE | NON-TOBACCO | TOBACCO |
|---|---|---|
| AGE | $10,000 | $10,000 |
| 50 | $33.15 | $42.88 |
| 55 | $41.60 | $52.94 |
| 60 | $53.25 | $66.39 |
| 65 | $71.36 | $91.35 |
| 70 | $90.79 | $115.80 |
| 75 | $123.95 | $140.23 |
| 80 | $155.40 | $171.08 |
Is State Farm life insurance expensive?
Yes, State Farm life insurance is expensive compared with other companies. Working with Funeral Funds can save up to 40% in premiums.
Is State Farm Insurance go up every year?
State Farm’s final expense insurance is permanent life insurance with level premiums. The premiums are fixed and will not go up in pricing.
STATE FARM INSURANCE ELIGIBILITY
Does State Farm require an exam for life insurance?
No State Farm life insurance medical exam is not required to qualify for their final expense life insurance.
Does State Farm ask health questions?
Yes, State Farm asks health questions as part of its underwriting process.
Does State Farm Insurance have a weight chart?
State Farm life insurance weight chart determines if you will qualify for coverage.
STATE FARM INSURANCE WAITING PERIOD
Does State Farm have a waiting period?
No, State Farm’s final expense insurance comes with first-day coverage and no waiting period.
STATE FARM INSURANCE BENEFITS
Does State Farm life insurance accumulate cash value?
Yes, State Farm’s final expense plan accumulates cash value over time.
What other benefits does State Farm offer?
State Farm does not offer riders or additional benefits to policyholders.
How long does it take State Farm to process a death claim?
It takes up to 30+ days for State Farm to process a death claim.
How do I start a death claim?
State Farm life insurance claims can be accessed through their website online.
Does State Farm Life have a grace period?
Yes, State Farm has a 10-day grace period on payments.
Can you cash out a State Farm Life insurance policy?
Yes, you can cash our State Farm’s whole life insurance.
Can you withdraw from State Farm life insurance?
You can make up to four monthly withdrawals with a $5,000 minimum per withdrawal. Note that unpaid withdrawals and loans will reduce your policy cash value and the death benefit amount.
STATE FARM INSURANCE LENGTH OF COVERAGE
Does State Farm life insurance expire?
No, State Farm’s final expense insurance does not expire. It will remain active your whole life as long as payment is made on time.
STATE FARM INSURANCE POLICY REPLACEMENT
How can I find a replacement for my State Farm policy?
You can find a replacement for your State Farm policy by working with an independent life insurance agent who can price shop for you and recommend the best insurance policy with the lowest pricing.
Ensure your State Farm policy is active while looking for a replacement policy. When your replacement policy is active, you can cancel your State Farm Insurance by calling the customer service hotline.
How do I cancel my State Farm life insurance policy?
You can cancel your State Farm life insurance by calling the customer service hotline, canceling by mail, or canceling in person.
Does State Farm charge a cancellation fee?
No, State Farm will not charge you a cancellation fee if you decide to cancel your policy.
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