State Farm Life Insurance Company uses the name State Farm life. State Farm Life says it is the country’s #1 insurer of individual life insurance policies, has been the #1 insurer since 1942 and that is a “remarkable track record of the confidence customers have placed in State Farm since 1922.” State Farm life sells through agents, who receive commission compensation and other compensation for selling the State Farm Life insurance policies. State Farm is based in Bloomington, Illinois and prefers Federal Court throughout the country for the many lawsuits that have been filed against State Farm.
State Farm life insurance sells a full variety of life insurance policies, including term life, whole life, universal life, and variable universal life insurance policies. Each of these particular types of policies has a world of complexity and fine print. State Farm life insurance certainly recognizes that the purpose of life insurance is to provide peace of mind.
Start Farm describes term life insurance as “affordable protection.” State Farm life further talks about life insurance as: “Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that “term.”….”Help provide for a family’s loss of income; Cover short-term debts and needs;
Provide additional insurance protection during the child-raising years
Provide longer term protection to help your family pay off a mortgage or to help pay for a college education.” State Farm Life sells what it describes as “Select Term Life Insurance” where the customer can “Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”
State Farm describes “Whole Life Insurance” policies as”Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”
State Farm describes its “Universal Life Insurance” as a life insurance policy where “premiums are paid into your policy’s account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month…”
State Farm used to sell a large number of policies of Variable Universal Life. But in September, 2008, State Farm stopped selling variable universal life. Because State Farm sold so much of the variable universal life insurance policies, and there has been so much discontent with these types of unpredictable policies, many of the policies are still in force, and insured customers may have questions.
Have you suffered the unexpected loss of a loved one, only to have a claim for life insurance benefits delayed, or denied? Do you get the feeling that the life insurance company is doing everything it can to avoid paying the claim? Has the life insurance company sent you a letter stating that they are rescinding the policy, making a rescission, or just sending back the premiums paid? Especially if your loved one had the policy for less than two years before passing away, the life insurance company can become very aggressive at seeking to avoid the policy payment. Rescission is a favored strategy of the life insurance company, if the policy was issued less than two years before the death.
We can help. Call LifeInsuranceLawyerNOW.com at (888) 997-4070, or (818) 937-0937, or send an email to us in the form on the side of the screen. We are highly experienced lawyers, not paralegals, and we know this area. We get right to it with you and the insurance company, and get many claims paid right away. If court is necessary, we are regular Federal litigators and will push the life insurance company hard for the well being of you and your family. We respect you, deal directly with you, and understand not only the law and facts, but what you are going through. We are here to help. Contact us as soon as possible, to get your claim paid faster.
