With our Select Term Life insurance, you can choose between 10, 20, or 30 years of coverage and a guaranteed benefit. You pick the length of time depending on how long you need it. You can also keep your policy in force, after the initial term, at an increased cost up to age 95.footnote 2
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Term life an affordable option
Term life insurance provides death protection for a stated time period, or term. Since it can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as coverage to pay off a loan, or providing extra protection during the child-raising years. State Farm Life Insurance Company or State Farm Life and Accident Assurance Company (residents of NY and WI only) can help.
Get an online select term life quote
Comparing term to permanent insurance*
| Term Life | Permanent Life |
|---|---|
| Provides coverage for a limited time period (term), if premiums are paid. | Provides lifetime coverage, if premiums are paid. |
| Provides a death benefit, but typically no cash value. | Cash value accumulates over time and creates an asset which may be used during your lifetime.footnote 1 |
| Initially, less expensive form of life insurance. | Level premiums. |
| May be renewable or convertible. | Some types of permanent insurance offer flexible premium payments and level or increasing death benefit options. |
| Term Life |
|---|
| Provides coverage for a limited time period (term), if premiums are paid. |
| Provides a death benefit, but typically no cash value. |
| Initially, less expensive form of life insurance. |
| May be renewable or convertible. |
| Permanent Life |
|---|
| Provides lifetime coverage, if premiums are paid. |
| Cash value accumulates over time and creates an asset which may be used during your lifetime.footnote 1 |
| Level premiums. |
| Some types of permanent insurance offer flexible premium payments and level or increasing death benefit options. |
* You can convert any State Farm term life insurance coverage to permanent coverage, regardless of your health status. Conversion options will vary by state and with some term policy types by age.
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#1 in Customer Satisfaction among Life Insurance Providers for 5 years in a row.*
Select Term Life insurance
10 years
- Starting at $15.02/mo**
- $172.50 annually
- $250,000 of coverage
20 years
- Starting at $15.22/mo**
- $175.00 annually
- $250,000 of coverage
30 years
- Starting at $19.14/mo**
- $220.00 annually
- $250,000 of coverage
** 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
Return of Premium Life insurance
If your policy’s death benefit is not paid within the initial 20- or 30-year term, you’ll get your money back at the end of the term.footnote 3 You also can keep your policy in place after the initial termfootnote 2 or borrow against the cash valuefootnote 4 of the policy.
Instant Answer Term insurance®
Instant Answer Term Insurance provides $50,000 of death benefit protection until age 50 or a maximum 10 years, whichever is longer. This coverage is designed to provide a base level of life insurance protection at an affordable price. With this policy, you have the opportunity to apply for coverage, receive an underwriting decision, and if approved — purchase the policy on the same day at an agent's office.
Comparing Term Life choices
| Product | Advantages | Premiums |
|---|---|---|
| Select Term | Available for 10, 20 or 30 years. Renewable to age 95. | Guaranteed to stay the same for the initial term. Premiums increase with each subsequent renewal. |
| Return of Premium Term | Premiums returned if insured outlives initial term. Available 20 or 30 years. Renewable to age 95. | Guaranteed to stay the same for the initial term. Premiums increase with each subsequent renewal. |
| Instant Answer Term | Ideal for protecting goals like paying off a loan or covering final expenses. In-office approval in minutes. No tests required.footnote 5 | Budget-friendly and can be paid monthly or annually. |
| Select Term | ||
|---|---|---|
| Advantages | Available for 10, 20 or 30 years. Renewable to age 95. | |
| Premiums | Guaranteed to stay the same for the initial term. Premiums increase with each subsequent renewal. | |
| Return of Premium Term | ||
|---|---|---|
| Advantages | Premiums returned if insured outlives initial term. Available 20 or 30 years. Renewable to age 95. | |
| Premiums | Guaranteed to stay the same for the initial term. Premiums increase with each subsequent renewal. | |
| Instant Answer Term | ||
|---|---|---|
| Advantages | Ideal for protecting goals like paying off a loan or covering final expenses. In-office approval in minutes. No tests required.footnote 5 | |
| Premiums | Budget-friendly and can be paid monthly or annually. | |
Want to know more about insurance?
return to reference 1 Permanent life insurance develops cash value that can be borrowed. Policy loans accrue interest and unpaid policy loans and interest will reduce the death benefit and cash value of the policy. The amount of cash value available will generally depend on the type of permanent policy purchased, the amount of coverage purchased, the length of time the policy has been in force and any outstanding policy loans. There may be tax consequences associated with policy loans. Neither State Farm nor its agents provide tax or legal advice.
return to reference 2 Your premiums will increase annually to age 95, but will never exceed the maximum premium stated in the policy.
return to reference 3 Assumes death benefit has not been paid during initial policy term. The Return of Premium benefit on the base policy is not taxable. Any Waiver of Premium for Disability premiums returned as part of the Return of Premium benefit may be taxable.
return to reference 4 Unpaid loans and withdrawals will reduce the Return of Premium and guaranteed death benefit and policy cash value. Loans also accrue interest.
return to reference 5 Instant Answers offers $50,000 term life coverage for up to age 50, or 10 years (whichever is longer). In-office approval available in minutes with no physical or medical tests required. Issuance of the policy may depend upon the answers to the health questions in the application, the truthfulness thereof and the evidence of insurability.
Disclaimer
This is a general description of coverage. A complete statement of coverage is found only in the policy.
For more details on coverage, costs, restrictions, and renewability, or to apply for coverage, contact your local State Farm agent.
Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.
Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.
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
Each insurer is financially responsible for its own products.
IL-7.15