Life Insurance

Joint Universal Life Insurance that Builds Cash Value and Protects

Joint Universal Life is joint life insurance that is a flexible, economical way of providing for two individuals' needs within one policy, while building tax-deferred cash value. It is similar to Universal Life except that the policy covers two people. The death benefit is paid upon the death of one individual.

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Joint Universal Life has the following features:

  • Flexibility — you decide the amount of premium payments.*
  • Death benefit — life insurance proceeds are generally tax free to the beneficiary.
  • Cash value growth is tax deferred — the growth in cash value is tax-deferred, as long as it is not taken out of the policy, and can be accessed during your lifetime for a variety of personal objectives (removal of the value can have tax consequences).
  • Guaranteed interest rate options — earn interest while you protect your family and/or business.

The Joint Universal Life policy can assist in planning for the following needs:

  • Preservation of lifestyle — gives you the security of knowing loved ones will be taken care of in the event of premature death.
  • Business transition planning — Life Insurance can help provide the funds to orderly transfer a business interest. For family owned businesses, it can help those interested in continuing the business to do so, while also providing for heirs who are not interested in the business.
  • Access to cash value — the cash value can be accessed via a withdrawal to help with education expenses, provide a retirement supplement, or other personal objectives. Withdrawals will reduce the death benefit and the fund value.

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Premium Duration Flexible, depending on your objectives
Coverage Starting at $10,000 depending on the coverage selected
Ages From 18 up to 80 depending on the coverage selected

How it Works

Survivor Purchase Option

The Survivor Purchase Option allows the survivor to purchase a new permanent policy without evidence of insurability at the first death of the insured, and is available for 90 days if the first death has occurred prior to the policy anniversary in which the survivor is 65. Contact your State Farm® agent for details.

Customize Your Policy

Add even more value to your policy by buying any of these optional riders. A State Farm agent can help you customize a policy to meet your needs. The following riders are available with the Joint Universal Life policy for an additional cost.

Level Term Rider

Provides additional coverage on either insured as long as they want to keep it. This coverage must be applied for and purchased by each respective insured. This rider is convertible until age 70 to any permanent life plan available for conversion.


Coverage $100,000 minimum
Ages 20–90


With Joint Universal Life it is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.

For more details on coverage, costs, restrictions; or to apply for coverage, contact a local State Farm agent.

Surrenders may be subject to a surrender charge. Withdrawals will reduce the death benefit and the policy's fund value.

*Changes in policy coverage amounts are subject to policy limits. Increases are subject to underwriting and may require additional premium. Decreases in coverage are subject to policy limits.

This is only a general description of coverage. A complete statement of coverage is found only in the policy.