Protection and cash back — That's a return of premium term life insurance policy
You want to help protect your loved ones from financial hardship if you can't be there for them. That's what life insurance is all about. But instead of life-long life insurance coverage, you may only need to protect your family from long-term expenses such as the mortgage, your children's education, or a home equity loan.
In that case, Return of Premium Term Life insurance from State Farm Life Insurance Company (Not licensed in MA, NY or WI) or State Farm Life and Accident Assurance Company (Licensed in NY and WI) might be just what you need. It offers a level premium payment term of 20 or 30 years, whichever you choose. And if you outlive that level premium payment period, you'll get all the policy premiums you've paid back at the end of the term.1 A guarantee like that makes it easier to give your loved ones the financial protection they need.
Eligibility
| Term Length | Coverage Amount | Issue Ages |
|---|---|---|
| 20 or 30 Years | Starts at $100,000 | 18 - 60 for Return of Premium Term Life 20,
Non-Tobacco premium classes 18 - 55 for Return of Premium Life 20, Tobacco & Preferred Tobacco 18 - 45 for Return of Premium Life 30 |
| Years | Premium | Coverage | Personal Pricing |
|---|---|---|---|
| 20 Years | Starting at $58.94/mo*
$677.50 annually |
$250,000 | Find an agent |
| 30 Years | Starting at $61.57/mo*
$707.50 annually |
$250,000 | Find an agent |
*Sample rates are for a 25-year-old female in excellent health in Illinois. Get a quote to see personal pricing. Need help choosing a policy? Compare policies.
How it works
Take a look at the return of premium insurance policy that can pay you back:
- You can choose an initial term of either 20 or 30 years.
- You'll pay a level premium throughout the initial 20- or 30-year policy period.
- Premiums will be returned to you at the end of the level premium policy term (20 or 30 years) assuming the death benefit has not been paid during initial policy term and all scheduled premiums have been paid.1
- Return of premium insurance builds cash value, which you can borrow against during the level premium period.2
- You can continue your coverage beyond the level premium period on an annually renewable basis to age 95. Premiums will increase annually but will never exceed the maximum premium stated in the policy.
- No matter how large your death benefit, it passes to your beneficiaries generally income tax-free.
- If you have auto insurance with State Farm, purchasing a State Farm Return of Premium Term Life insurance policy may entitle you to a discount on your auto premiums with our multi-line discount.
Need lifelong coverage? You are eligible to convert your policy to permanent life insurance coverage and premiums up to age 75, provided your policy is in force at the time of conversion- no matter your state of health.3
Customize your policy
Provides temporary insurance for eligible children up to the earlier of age 25 or until you turn 65. Just one rider can provide up to $20,000 in coverage for each eligible child in your family. You can purchase up to five times the amount of Children's Term Rider coverage on the eligible child's 18th birthday, and the rider can be converted to permanent insurance for up to five times the amount of coverage when the child turns 25.
Eligibility
| Coverage | Ages |
|---|---|
| $5,000 - $20,000 | Children eligible if under age 18 at policy issuance and... Policyholder is age 16 — 55 (Return of Premium Term Life 20) Policyholder is age 16 — 45 (Return of Premium Term Life 30) |
Helps preserve your policy at a time when income may be limited due to a disability. If the base insured becomes totally disabled (as defined in the policy) prior to age 60 for six continuous months, this optional coverage will waive future policy premiums as they become due as long as the insured remains totally disabled. If the base insured becomes disabled between the ages of 60 and 65, this coverage will waive future policy premiums as they become due until the later of the third anniversary after disability and age 65, so long as the base insured continues to be so disabled. This rider coverage automatically terminates on the policy anniversary when the insured is age 65, unless disability occurs prior to that time.
Eligibility
| Age |
|---|
| 0 — 59 (Return of Premium Term Life 20) 0 — 55 (Return of Premium Term Life 20, Tobacco & Preferred Tobacco) 0 — 45 (Return of Premium Term Life 30) |
Find an agent
1 The Return of Premium benefit on the base policy is not taxable. Any Waiver of Premium for Disability Rider premiums returned as part of the Return of Premium benefit may be taxable.
2 Unpaid loans and withdrawals will reduce the guaranteed death benefit, policy cash value, and any Return of Premium benefits. Loans also accrue interest.
3 Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.
This is only a general description of coverage. A complete statement of coverage is found only in the policy. For more details on coverage, costs, and restrictions, or to apply for coverage, contact a local State Farm agent.
There are limitations and conditions regarding payment of benefits due to misrepresentations on the application or when death is the result of suicide in the first two policy years.
Each State Farm insurer has sole financial responsibility for its own products.
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL
IL-152.11