State Farm has four whole life insurance options: Whole life policies pay out a death benefit, but they also have a savings component that can accumulate cash value, which can be invested. Monthly premiums use a portion for insurance coverage and a portion for tax-deferred savings. If you have a whole life insurance policy, you have coverage for your entire lifetime. State Farm Life Accident Assurance Company handles policies in New York and Wisconsin. State Farm’s life insurance policies are available in every state except Massachusetts. People between the ages of 16 and 45 are eligible to apply, and you are covered until age 50 or a maximum of 10 years, whichever is longer.
You can extend your coverage beyond the loan term until you reach the age of 95, but you will pay a higher premium. Coverage starts at $100,000, and your premium is level, meaning you won’t be surprised by increases.