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Limited Pay Life
The coverage lasts. The premiums don't.
20 Pay Life - This policy can be completely paid for in 20 years. If purchased early enough in life, it will help you avoid paying premiums during your retirement. That’s the beauty of limited pay life policies from State Farm®. You could secure a lifetime of life-enhancing benefits, without paying a lifetime of premiums.
Did you know? A limited pay life policy is ideal for a child - in addition to starting insurance coverage they will need as an adult, the policy earns cash value, which generally grows tax-deferred.
|Premium Duration||20 Years|
|Coverage Amounts||20 Pay – Starting at $25,000
|Issue Ages||0 to 75 for 20 Pay
How it Works
Premiums are paid for a limited number of years, but the benefits last a lifetime.
- Premiums are payable for 20 years.
- You can pay premiums monthly, quarterly, semi-annually, or annually.
- Guaranteed cash value grows tax-deferred. Cash values can be accessed during your lifetime.1
- The policy is eligible to earn dividends, however, dividends are not guaranteed. Dividends can accumulate at interest, purchase paid up additional insurance, reduce future premiums, or be payable in cash. The choice is yours 2
- Tax-free death benefit - No matter how large your death benefit, it passes to your beneficiaries generally income tax-free
- If you have auto insurance with State Farm, purchasing a State Farm Life Insurance policy may entitle you to a discount on your auto premiums with our multi-line discount
And typically, the sooner you purchase your policy, the lower your premiums will be. Talk to a State Farm agent for details on costs, coverages, and restrictions.
Customize your Policy
Add even more value to your policy by buying any of these optional riders.3 A State Farm agent can help you customize a policy to meet your needs.Guaranteed Insurability Option
This rider "insures the insurability" of the insured. With this rider an insured has the right to buy additional amounts of insurance, on specific option dates, without evidence of insurability, at standard rates.
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.
State Farm International Life Insurance Company Ltd.
Aurora, Ontario. Licensed in Alberta, New Brunswick and Ontario.