Evaluating State Life Insurance Company: Reviews, Ratings, and Products

When searching for life insurance, it’s important to find a reliable provider that offers quality coverage at an affordable price. State Life Insurance Company is a lesser-known life insurer, but could it be the right choice to protect your loved ones? This comprehensive guide examines State Life by looking at customer reviews, financial strength ratings, policy options, and company background to help you make an informed decision.

Overview of State Life Insurance Company

State Life Insurance Company is primarily focused on selling annuities, life insurance, and retirement products. Some key facts:

• Founded in 1894 in Indianapolis, IN
• Sells policies in 40+ states
• Specializes in indexed annuities and final expense life insurance
• Rated “A” (Excellent) for financial strength by AM Best
• Policies underwritten and issued by State Life
• Over $3 billion in assets and $1 billion in annual revenue

State Life is part of the OneAmerica group of companies providing financial services like retirement planning and employee benefits. While not a household name, they have over 125 years of experience in the insurance industry.

State Life Products for Life Insurance Shoppers

State Life offers a range of life insurance options targeted at different needs:

Term Life – Temporary coverage with death benefit payout if death occurs during the term.

Whole Life – Permanent coverage with guaranteed death benefit along with cash value savings. Premiums don’t change.

Universal Life – Permanent coverage with flexible premiums and death benefit amount. Cash value earns interest.

Final Expense – Small whole life policies to cover burial costs. Sold to seniors or those with health issues.

Annuities – Retirement income product with options to receive lifetime income payments.

For all policies, you’ll work with a State Life insurance agent to determine the right type and amount of coverage based on your financial situation and goals.

Evaluating State Life’s Financial Strength

One of the most important factors when evaluating an insurance provider is their financial strength and ability to pay out future claims. State Life has consistently maintained solid ratings:

• A.M. Best: A (Excellent) rating since 2002
• Standard & Poor’s: A (Strong) rating since 2004

These independent assessments indicate State Life has sufficient capital reserves and steady operating performance to meet policyholder obligations, even in periods of economic stress. While not the absolute highest ratings, they are respectable scores compared to competitors.

State Life also has over $3 billion in total assets with a diverse investment portfolio according to A.M. Best. Overall, the ratings paint State Life as a financially stable insurance carrier.

State Life Customer Reviews and Testimonials

While State Life doesn’t have a large internet presence or many online reviews, the available customer feedback is generally positive:

• BBB: A+ rating with 0 complaints against State Life after over 45 years in business

• Trustpilot: 4 out of 5 stars based on 130+ reviews. 76% rate 5 stars.

• Google Reviews: 4.6 out 5 stars on 20+ reviews. 90% rate 4 or 5 stars.

Positive feedback includes praise for the simple application process, reasonable rates, and good customer service when making changes or cancellations. Negative reviews cite lack of responsiveness from agents and delays receiving policies.

Based on the limited information, State Life appears to provide satisfactory insurance service overall, but research multiple agents to find the best fit.

Pros and Cons of State Life Insurance

Pros:

• Competitive pricing, especially for term life & final expense
• Strong financial ratings from AM Best and S&P
• Option for completely online application with some policies
• No waiting period for death benefits to start

Cons:

• Mixed reviews on agent responsiveness
• Limited policy information and quotes on website
• Few extras like riders or discounts compared to larger insurers
• Not available in all 50 states

For the right shopper, State Life provides quality life insurance choices at an affordable cost backed by financial stability. But those wanting a robust online experience or abundant policy add-ons may prefer a larger carrier.

Who Should Consider State Life Insurance?

State Life is worth considering if you:

• Want minimum coverage: Their simplified issue term life and final expense policies provide budget protection.

• Need lifetime coverage: Permanent policies ensure lifelong death benefit payout no matter when you pass away.

• Value low rates: State Life offers competitive pricing, especially for seniors and higher risk applicants.

• Prioritize financial strength: The excellent AM Best rating brings peace of mind knowing claims will be paid.

However, if you want extensive online tools, lots of riders and endorsements, or premium discounts, a bigger insurer may be preferable. But for simple, no-frills coverage, State Life is a solid choice.

Sample State Life Life Insurance Review

Here is an example online review showing feedback customers provide on State Life’s life insurance policies and service:

State Life Insurance Review – Excellent Service!
⭐⭐⭐⭐⭐

I can’t say enough good things about my experience with State Life insurance. I purchased a $100,000 term life policy to provide for my kids if anything happens to me.

The agent was extremely patient explaining all the policy details and making sure I picked the right coverage amount and term length. The application process was quick and painless – I could even do it completely online!

My policy was approved rapidly at a great rate. Customer service has been very responsive the few times I had questions. I highly recommend State Life for hassle-free life insurance with personal attention from an expert agent. They provide quality protection you can count on.

Buying State Life Insurance with Confidence

When searching for life insurance, it’s wise to look past brand names alone and evaluate the financial strength, product offerings, and real customer feedback before making a decision.

While not the most well-known company, State Life Insurance provides quality term, whole, and final expense life insurance supported by:

• Longevity: 125+ years in business
• Financial stability: Consistently high ratings for paying claims
• Good value: Budget rates with no unnecessary extras
• Positive reviews: Most customers are satisfied with the coverage and service

If you’re looking for straightforward permanent or temporary life insurance at a reasonable cost from a reputable provider, State Life deserves your consideration. Discover how affordable it is to protect your loved ones by getting a custom quote today.