Direct term life insurance12/25/2023 The app is robust, allowing customers to manage all of their State Farm insurance policies in one place, view policy documents, pay their premiums and contact an agent with questions. State Farm has won multiple awards for its mobile app, including one of the popular Webby Awards in 2021. If you use State Farm for car insurance, you can also qualify for a multi-policy discount when you purchase life insurance. State Farm has several policy options, including instant-issue policies with no medical exams or interviews required. Individual Life Insurance Study the study evaluated companies’ performance on several fronts, including communication, product offerings and price. Although the company does have term life options that can be bought entirely online, it also has a large network of agents for customers that prefer personalized, in-person assistance. Why We Picked It: State Farm is our choice for customer satisfaction based on its user-friendly website and award-winning mobile app. Instead, you have to contact a Pacific Life financial professional to start the process. For example, Pacific Life doesn’t have an online quote tool, and you cannot purchase a policy directly through its website. By contrast the industry average for a policy of that size and term is $170, according to insurance industry trade group Limra.Ĭaveats: Although Pacific Life has strong customer satisfaction ratings, it doesn’t have the features that some other insurers provide. In Buy Side’s online price checks, Pacific Life’s premiums were as low as $130 per year for $250,000 of term life coverage with a 20-year term. Other applicants may have to go through modified or traditional underwriting.īesides the included terminal illness rider, Pacific Life offers other optional riders, including waiver of premium in cases of disability or $10,000 of term life insurance for children.Įven though the terminal rider is included, Pacific Life is still one of the least expensive insurers we evaluated. Some applicants can qualify for accelerated underwriting on PL Promise Term, meaning they don’t need to undergo a medical exam for up to $3 million of coverage. But for those looking to leave their beneficiaries a larger financial cushion, you can purchase a policy with a death benefit that gives your family millions. In other words, if you’re looking for a basic life insurance policy to cover burial expenses and other end-of-life costs, you can get a policy with a death benefit as low as $50,000. Plus, the policy can be converted into permanent coverage later. With Pacific Elite Term, customers can get $750,000 to $3 million of coverage or more.
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