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How it Works
Typical Uses:Premiums are deposited into your account (after a premium expense charge), where it earns the current interest rate (which will never be less than 2%). Every month, various deductions, such as the cost of insurance, are then made from your account. If sufficient funds are available, you can also take loans or make withdrawals from your account for your needs.
- Provides for a family's loss of income, mortgage costs, and educational needs
- Access to cash value for life's opportunities
- Estate, special needs, and business planning
Universal Life
A Universal Life policy is a flexible way to help protect your loved ones and build tax-deferred cash value.
- Flexibility - you decide the amount of life insurance and premium payments
- Security - help protect your loved ones from financial hardship should the unexpected occur
- Death benefit - Life insurance proceeds are generally income tax free to the beneficiary
- Cash value growth is tax deferred – The growth in cash value is tax-deferred under current federal income tax law
- Access cash value – The cash value can be accessed, potentially income tax free, to help with education expenses, provide a retirement supplement, or other personal objectives
State Farm offers Flexible Care Benefit Rider in select states. Learn More
Survivorship Universal Life
Survivorship Universal Life covers two people. The death benefit is paid, if payable, when the last person insured under the policy dies. Survivorship Universal Life is an efficient way to assist with a variety of planning needs.
- Typically less expensive than two individual Whole Life or Universal Life policies
- Flexibility - you decide the amount of life insurance and premium payments
- Security and Legacy – help protect your loved ones from financial hardship should the unexpected occur and provide a legacy for the next generation
- Death benefit - Life insurance proceeds are generally income tax free to the beneficiary
- Cash value growth is tax deferred – The growth in cash values is tax-deferred under current federal income tax law
- Access cash value, potentially income tax free, to help with education expenses, provide a retirement supplement, or other personal objectives
Joint Universal Life
A Universal Life policy covers two people. The death benefit is paid, if payable, when the first person insured under the policy dies. Joint Universal Life can be beneficial both for a family and a business.
- Typically less expensive than two individual Whole Life or Universal Life policies.
- Flexibility – you decide the amount of life insurance and premium payments.
- Security and Legacy – help protect your loved ones from financial hardship should the unexpected occur and provide a legacy for the next generation.
- Death benefit – life insurance proceeds are generally income tax free to the beneficiary.
- Cash value growth is tax deferred – The growth in cash value is tax-deferred under current federal income tax law.
- Access cash value – The cash value can be accessed, potentially income tax free, to help with education expenses, provide a retirement supplement, or other personal objectives.
Disclosures
Insurance policies and/or associated riders or features may not be available in all provinces, and policy terms and conditions vary by province.
This is a general description of coverage. A complete statement of coverage is found only in the policy.
For more details on coverage, costs, restrictions, and renewability; or to apply for coverage, contact your local State Farm agent.
State Farm agents do not provide tax, legal, or investment advice. Please consult your tax, legal, or investment advisor regarding your specific circumstances.
Coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.
Dividends are a return of premium and are based on the actual mortality, expense, and investment experience of the Company.
Dividends are not guaranteed.
Issued by:
State Farm International Life Insurance Company Ltd.
Aurora, Ontario. Licensed in Alberta, New Brunswick and Ontario.
IL-1011.0 CAN