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 Cheapest Life Insurance USA

State Farm - Life Insurance

State Farm History

At age 22, George J. Mecherle (pronounced Ma-herl) started farming his own land near Bloomington, Ill. In 1901 he married Edith Mae Perry who joined him on his farm. Within a few years, he was one of the leading farmers in the area.

After they had farmed 20 years, Mrs. Mecherle's health began to fail and the couple decided to move to Bloomington. Unable to sit still, George Mecherle accepted a job selling insurance for a small company. He was successful as a salesman, but he didn't feel the rates or the business practices of the company suited the needs of farmers.

When he suggested a better way to sell insurance, his employer laughed and said, "If you think you've got such a good idea, why don't you start your own company?" So he did.

Mecherle believed that farmers should pay less for insurance because they drove less and had fewer losses than folks living in cities. Using this idea, he started State Farm in 1922 as a mutual automobile insurance company owned by its policyholders.

By 1928, the decision was made to decentralize. Employees from the Bloomington, Ill. office -- along with other employees hired in Berkeley, Cal - established the Company's' first branch office. This office provided support for agents and brought service closer to the customer.

The Berkeley office was the beginning of a tradition that, as of today, has resulted in 27 regional offices and more than 1,000 claim service centers. State Farm has grown to include 76,500 employees and more than 16,000 agents servicing 66.2 million policies in the United States and Canada.

In just over 75 years, State Farm Insurance Companies has grown from a small farm mutual auto insurer to one of the world's largest financial institutions. But despite State Farm's growth, Mecherle's original philosophy of insurance coverage at a fair price coupled with fair claim settlement has remained.

State Farm's Mission

State Farm's mission is to help people manage the risks of everyday life, recover from the unexpected and realize their dreams.

State Farm are people who make it our business to be like a good neighbor; who built a premier company by selling and keeping promises through their marketing partnership; who bring diverse talents and experiences to their work of serving the State Farm customer.

State Farm success is built on a foundation of shared values -- quality service and relationships, mutual trust, integrity and financial strength.

State Farm vision for the future is to be the customer's first and best choice in the products and services we provide. They will continue to be the leader in the insurance industry and they will become a leader in the financial services arena. State Farm customers' needs will determine their path. Their values will guide them.

State Farm Life Insurance Products

Universial Life Insurance

Universal life is kind of a cross between whole life and term insurance. The premium is flexible, giving you the option of paying a lower or higher amount. Of course the higher the premium paid, the higher the policy's account value becomes. The amount of insurance can be changed as circumstances change throughout life. The policy is "interest-sensitive," meaning State Farm credit a current interest rate to the policy account value.

Here's how it works. You pay premiums and State Farm provide insurance protection. Each month, 5% is taken from premiums and the balance is added to policy account value. Each month, State Farm deduct the cost of insurance amount, a $5.00 expense charge and add the interest. You get a full accounting of your policy's values from them annually. This policy provides permanent insurance protection at term insurance rates, and also provides an accumulation account that grows with current interest.

This policy offers you great flexibility in both coverage and premiums. You can vary your premiums from year to year, or increase or decrease the death benefit (increases require evidence of insurability) as your needs change. Account value withdrawals and policy loans (with interest charged) are also available to help you meet special cash needs.

Universal life is available at minimum issue amounts of $25,000 for age 55 to age 80, and $50,000 for age 0 to age 54. It is one of State Farm's most popular life insurance plans.

Term Life Insurance

Term life insurance provides death protection for a stated time period, or term.

Term life insurance is perhaps the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years.

In most states and three Canadian provinces, State Farm offers term insurance policies covering 1, 5, 10, 20, and 30 year periods. These policies are renewable at higher premiums in most states to age 85 or 95.

Whole Life Insurance

Permanent life insurance coverage for as long as you live and continue to make timely premium payments.

With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.

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