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I have some friends in Denver who called me last year to shop their state farm life insurance quotes. They wanted to increase coverage now that they had a growing family and a new home. They contacted me to compare rates as there are many options when considering life insurance and it’s usually not in your best interest to buy the first quote. State Farm has been a giant player in the insurance business since 1922; they have many satisfied customers in the car insurance and in home insurance. State farm boasts numbers of over 40 million policy holders. However, when it comes to the realm of State Farm Life Insurance they are not competitive. The common thinking is if there is bundling which occurs with home/auto insurance then adding life insurance should provide bigger discounts. However, this is proving for most to be a misconception. In fact I was able to double my friends coverage without increasing their costs compared to State Farm Life Insurance Quote. Here are a few reasons why I suggested to my friend to replace his coverage. Along with these suggestions, we offer many company reviews such as Banner Insurance, Primerica Insurance, New York Life Insurance and AARP Life Insurance for you to look over before making your final life insurance decision. If you are in search of a no exam life insurance policy, we have options for you as well.
State Farm Life Insurance Quotes VS the rest: When comparing the rates for me, a 38 year old male in perfect health for a 500,000 term life policy for 10 years, here are a few rates:
Savings Bank and Life Co. $25.67/mn
Banner Life $26.69/mn
Protective Life $27.31/mn
State Farm $38.70/mn
I could save over 20% per month by using an older and more financially stable company. I would love to show this to a state farm agent and ask for a discount double check! Better rates are found when working with an independent life insurance broker who can compare multiple companies and take into account the different companies that offer the best rates to those with different needs, such as those looking for the best life insurance rates for smokers.
Quotas: State Farm Life Insurance Agents are not trying to sell overpriced policies to customers. However one thing is for certain there are very strict guidelines for the number of policies which need to be sold. For this reason better deals will be found with independent agents as these captive agents are not shopping rates.
Impaired Risk? You might not qualify for State Farm Life Insurance: Many State Farm Life Insurance applicants have been turned down due to prior medical conditions. If you fall into the category of medium to high risk for life insurance, there is a good chance State Farm will not offer any coverage and if they do make an offer it will be at a higher risk and price. Some issues very common may preclude you from coverage including: PTSD, Bipolar Disease, High Blood Pressure, High Cholesterol, Diabetes, & any kind of Cancer. All of these are reasons that you might consider shopping life insurance with an independent life broker who can check out other companies that will treat your condition with less scrutiny.
State Farm Life Insurance is usually sold as an add on to existing auto or home insurance customers. It makes perfect sense from State Farms perspective to sell more to their existing clients. But what’s in State Farm Life Insurance best interest, is not in the consumers. Shop and compare rates today, its free, and nothing ventured, nothing gained!