State Farm Final Expense Insurance Review: A Lackluster Plan
State Farm final expense insurance plans are meant for individuals wanting to prepare for end-of-life expenses. Burial policies are popular with the senior market because it is affordable and easy to qualify for permanent life insurance with no medical exams.
Great burial insurance plans can help families pay for funeral costs. However, State Farm falls short regarding price point and plan features.
What Does State Farm Offer For Burial Insurance?
State Farm burial insurance offers permanent whole life protection for those looking to cover funeral costs. These life-long plan features include a price that never increases and coverage that never expires. Whole life features should be a requirement for anyone purchasing burial insurance.
Is State Farm Burial Insurance Good?
State Farm is a reputable financial company with a top financial rating. Where the problem starts is the amount of coverage that State Farm offers. You can only obtain $10,000 of burial insurance through State Farm, not more or less. Aside from the single coverage amount, State Farm final expense plans are nothing special and cost more than the competition.
With higher than average premiums, lackluster plan features, and only one coverage amount, it is best to avoid buying burial insurance through State Farm.
- Age Eligibility: 50 – 80 (75 in NY)
- Coverage Amount: $10,000 only
- Medical Exam: No
- Health Questions: Yes
- Waiting Period: No
- Permanent Coverage: Yes
- Builds a Cash Value: Yes
- Smoking Rates: Yes
Whole Life Insurance Features
State Farm final expense insurance plans come with three permanent whole life benefits. Your price will never change, the coverage will not expire, and a cash value will build over time. These permanent benefits come with every whole life plan and are not unique to State Farm funeral insurance.
This plan provides coverage with no waiting period for seniors. Day-one protection should be a top priority for any applicant. However, better immediate coverage plans are available, like Aetna life insurance.
Limited Coverage Amount & Age Restrictions
State Farm burial insurance offers a single death benefit option of $10,000, leaving those looking for a larger or smaller coverage amount with no options. This is unfortunate as almost every other burial insurance company offers coverage from $2,000 – $40,000.
Also, applicants looking for life insurance over 80 will not be allowed to apply through State Farm due to initial coverage only being issued to seniors 80 and under.
What Does State Farm Final Expense Insurance Cost?
Females 50 – 80 can expect to pay between $31 – $138 for $10,000 of life insurance. Males will pay between $36 – $159 for the same coverage. These premiums are high, and applicants should look elsewhere for lower prices, like what the Mutual of Omaha Living Promise plan offers.
Underwriting & Health Conditions
This process has a series of yes or no questions to determine your health eligibility. The State Farm Insurance Company also does a prescription history check to ensure your answers to the health questions are accurate.
If you answer “yes” to any of the health questions below, you are immediately ineligible for the plan and cannot get coverage.
You must answer “no” to all questions to qualify for this senior final expense plan.
1. Have you ever been rated or declined by us in the past for any life coverage?
2. Are you currently:
- Bedridden at Home
- Confined to a Wheelchair
- In a Hospital or Nursing Facility
- Oxygen to Assist with Breathing
- Receiving Home Health Care
- Require Assistance with Activities of Daily Living
3. Have you ever had or been treated for the following:
- AIDS or HIV
- Alzheimer’s or Dementia
- Amputation Due to Disease
- Heart Defibrillator
- Huntington’s Disease
- Lou Gehrig’s Disease (ALS)
- Multiple Sclerosis (MS)
- Muscular Dystrophy
- Organ or Tissue Transplant
- Parkinson’s Disease
4. Within the last 3 years, have you had or been treated for the following:
- Alcohol or Drug Abuse Treatment
- Cancer or Tumor
- Chest Pains (Angina)
- Chronic Bronchitis
- Congestive Heart Failure
- Heart Attack
- Heart or Circulatory Issues or Procedure
- Hepatitis A, B, or C
- Irregular Heartbeat
- Kidney Disease
- Stroke or mini-stroke (TIA)
- Stent Placement
How to Buy
When purchasing coverage, there are two types of agents that seniors can use to buy burial insurance.
Directly with Company: State Farm sells its products through captive agents that are contractually obligated only to represent State Farm. This can be problematic because each carrier has different underwriting standards and price points. Leaving seniors with specific medical complications to get denied coverage.
Insurance Agency: Representing as many carriers as they choose, insurance agencies can access various insurance plans to find the applicant the best coverage at the lowest price.
Why Willamette Life?
Willamette Life is an insurance agency that focuses exclusively on funeral insurance. Our singular focus is finding the lowest-priced plan and best coverage for our customers.
Call Willamette Life at 844-576-0019
Final Thoughts About State Farm Burial Insurance
a. This State Farm final expense insurance review has unveiled they only offer $10,000 of coverage with no flexibility. Everyone has a different coverage need, and a one size fits all approach to burial insurance is not the best option.
b. State Farm offers higher premiums than the competition, and you will pay more for protection. Avoid this company and save money with a different carrier.
c.When you buy from State Farm, you only see the products they offer. This can lead to purchasing the wrong plan or overpaying for coverage. Work with a highly rated specialized insurance agency that can find you the lowest price and best coverage.