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State Farm Life Insurance Ratings

Customer Satisfaction Ratings (based on 100 survey results)
ProductOverall
HOW WE WEIGH OUR SCORE
Customer ServiceValue for PriceWebsite and Apps% Who Would Recommend to a FriendA.M. Best
Financial
Strength
Ratings
Effective as of:
WHAT IS THIS RATING?

A.M. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.

A.M. Best's rating is NOT used to calculate the overall score but it is important information to consider when choosing an insurance company.

Life
86.15
out of 100
88.00
85.00
81.33
82%
A++
October 31, 2019
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Reasons for Buying from State Farm

Customers of State Farm originally decided to purchase from the company for these reasons:
Recommended by friend or family member28%
Offered best price17%
I had other insurance with this company16%
Reputation13%
Saw TV commercial9%
Was the company my parents had9%
Other3%
Saw online ad3%
Financial Strength rating2%
The company website and mobile apps are easy to use and helpful0%

How likely are you to recommend this company to a friend, coworker or family member?

I would definitely recommend this company. 57%
I probably would recommend this company. 25%
Neutral 17%
I probably would not recommend this company. 1%
I would not recommend this company. 0%

What kind of insurance do you have?

Permanent, including whole life 56%
Term 31%
Both 13%
Other 0%

How much do you pay annually for your life insurance policy

$250 - $499
24%
Less than $250
20%
$500-$749
18%
$1,000 - $1,249
11%
$2,000 - $2,249
5%
$750-$999
5%
$1,500 - $1,749
5%
$2,250 - $2,499
3%
$1,250 - $1,499
3%
$1,750-$1,999
3%
$4,000 or more
2%
$2,500-$2,749
1%

Website and Apps

How easy to use and how helpful they are
37%Satisfied - Fulfills my needs okay
30%Completely satisfied - Gives me what I want and more
22%Neutral - No good or bad feelings on this
10%Never visited or used website or mobile app
1%Not Satisfied - Is not a good website or app
0%Very unsatisfied - Their digital offerings are not good at all or nonexistent

How You Prefer to Deal with Insurers

46%Phone
28%In person
15%Interactive website
9%Email
2%Mobile App
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About State Farm

Life insurance policies offered

  • Term life
  • Whole life
  • Universal life
  • Variable Universal life

Best Life Insurance Companies 2020: How State Farm Life Insurance Compares

State Farm performed decently in the 2020 Best Life Insurance Company survey with 82% of those surveyed saying they would recommend it to friends and family. State Farm’s overall ranking was 6th place with a score of 86.15. Its highest showing was 4th for customer service. State Farm ranked 8th for price and 11 for ease of use for website and apps

Gauging an insurance company

Before buying with a company it is wise to check on a company's financial strength and complaint record. The A.M. Best rating listed above gives you an idea of State Farm's financial strength to pay claims. A complaint ratio can be found on the National Association of Insurance Commissioners (NAIC) site. The median complaint ratio from the NAIC is always 1.00. This means half of the insurers have a complaint ratio of under 1.00 and half have a ratio above. Basically, numbers lower than 1.00 are better with fewer complaints than the median and a number higher than 1.00 has more complaints than the median. For life insurance, State Farm Life (NAIC# 69108) had a complaint ratio of 0.12 for individual life insurance and 2.93 for group life insurance for 2018. 2019 complaint numbers will be available in 2020.

Company Background

A history of being a ‘good neighbor’

Since 1922, State Farm has shown a commitment to becoming the “first and best” choice in the insurance and financial services industry through strong community support and disaster response, over 90 years of claims experience and consistent financial strength. The mutual company is a fixture of the Fortune 500 list, having earned a spot over 20 times.

State Farm offers a wide range options and nearly 100 products, allowing customers to benefit from bundling services and policies. The company has a number of resources, such as calculators and guides, available on its website, and employs approximately 18,000 claims agents servicing 82 million policies and accounts.

Contact information

State Farm Insurance
One State Farm Plaza
Bloomington, IL 61710

Customer care/Claims: 800-782-8332

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