What is the exact scoop on State Farm and life insurance? I don't really have visibility to their rates and plans but know that many people get a quote from them or do business with them. I always assumed that they do that out of convenience or because they do all of their insurance at one place but I don't really know.
1)Is State Farm actually competitive in any niche in the life insurance field or their rates are higher but they have a ready customer base or ? What are their rates really like.
2) Are their term rates guaranteed for the the term or not?
3) I hear clients say that they are going to go to State Farm because they will get a discount on life insurance because they already have an auto or homeowners policy there. Is this all hype or are they actually getting a discount and does it come in lower than a regular carrier such as Genworth, West Coast, Prudential, etc. I think not but dont know. I am just looking for information to understand and compete against them.
My assumption has always been that their rates are not competitive but the reality is that they are out there in the market so I would like to understand their strength and weaknesses a bit better.
State Farm is a decent P&C carrier, but their life insurance leaves much to be desired. Their term rates are ho-hum and perm plans are mediocre at best.
They do have an alliance with Phoenix for impaired risk & large case underwriting (face xs of $1M) which is a decent company.
If you love your SF agent, and want him/her to give you a slight discount on auto & HO, and don't mind over-paying for life insurance to get the discount, then go for it. Otherwise, find an agent who specializes in life insurance and get them to help.
Anyone that says that SF's permanent plans are mediocre has not done much research or looked into their ratings over the long-term. SF is conservative and that often influences their projections, but the plans are solid. I agree that the term could be more competitive, but are now priced better than they have been in the past.
There are so many web definition of insurance but, here are a few:
A legal agreement with an insurance company that provides for reimbursement in the case of damage or theft to collateral. Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an individual or corporate body. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. A system of protection against loss under which a party agrees to pay a certain sum (premiums) for a guarantee that they will be compensated under certain conditions for loss or damage. A contract providing for financial protection against a loss. For example, a homeowner’s insurance policy provides for reimbursement if the owner suffers a loss due to fire or a number of other causes.
What is the definition of a spammer moron trying to inflate his post count...
What is the exact scoop on State Farm and life insurance? I don't really have visibility to their rates and plans but know that many people get a quote from them or do business with them. I always assumed that they do that out of convenience or because they do all of their insurance at one place but I don't really know.
1)Is State Farm actually competitive in any niche in the life insurance field or their rates are higher but they have a ready customer base or ? What are their rates really like.
2) Are their term rates guaranteed for the the term or not?
3) I hear clients say that they are going to go to State Farm because they will get a discount on life insurance because they already have an auto or homeowners policy there. Is this all hype or are they actually getting a discount and does it come in lower than a regular carrier such as Genworth, West Coast, Prudential, etc. I think not but dont know. I am just looking for information to understand and compete against them.
My assumption has always been that their rates are not competitive but the reality is that they are out there in the market so I would like to understand their strength and weaknesses a bit better.
Thanks for any info.
Winter
Hey, Winter, why don't you spend the same amount of effort on getting a better profile picture as you do on researching life insurance. If I was a client of yours, I would change agents after seeing your profile pic with a half-naked lady on it. Talk about tasteless. All your clients must be men.
Question about State Farm
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