State Farm
Is This Your Business?Author: Kaitlyn Short
State Farm is a trusted insurance company with years of industry experience. It provides short- and long-term disability insurance to individuals.
The disability insurance offering that makes State Farm different from other disability insurance providers is its Individual Credit Disability Insurance. This disability coverage protects your credit score by making payments to your creditors while you are disabled and unable to work.
Whether you are looking for short-term, long-term, or protection for your credit, you can count on State Farm disability insurance.
Top Ranked Companies
The Good
- Policy Options Available
- High Financial Strength Ratings
- Additional Insurance Coverage
Policy Options Available
State Farm offers three kinds of disability insurance to individuals:
- Short-Term Disability
- Long-Term Disability
- Individual Credit Disability
State Farm's disability insurance policies provide payouts when policyholders are unable to work due to illness or injury. To receive your policy's disability benefits, you must file an insurance claim.
The monthly benefit amounts available vary based on the policyholder's income and how their occupation is classified.
Short-term disability policies from State Farm can have a benefit period of one or three years. The monthly benefit amounts available fall between $300 and $3,000.
Long-term disability policies are a little more customizable. Customers can choose an elimination period, benefit period, and add riders to provide additional coverage. The benefit period can be five years or until age 67. Monthly benefits are between $500 and $20,000.
For more information on riders, interested customers should reach out to a State Farm agent directly.
The offering that makes State Farm stand out as a disability insurance company is its Individual Credit Disability Insurance.
This product only provides payments on debts in the event of a disability. These payments keep your credit score from dropping as a result of missed payments.
High Financial Strength Ratings
State Farm has earned high financial strength ratings from A.M. Best and S&P Global Ratings. These ratings indicate an insurance provider's financial stability and ability to make claims payments. High ratings means you can be confident when purchasing an insurance policy from Sate Farm.
Additional Insurance Coverage
State Farm is a well-known and reputable insurance carrier. If you need another type of insurance product, you can also find good coverage options through State Farm.
The insurer also offers renters insurance, auto insurance, life insurance, and home insurance.
The Bad
- Doesn’t Cover Everything
- Limited Online Information
- Insufficient Customer Reviews
Doesn’t Cover Everything
State Farm's policies do not provide any disability benefit in the following circumstances:
- War acts
- Normal pregnancy
- Active duty military
- Illegal activities and felonies
- Riot participation
- Intoxication and narcotic use
- Voluntary cosmetic surgery
- Legal detainment or imprisonment longer than 7 days
- Suicide and self-inflicted injury
- Loss of occupational license
- Pre-existing conditions
These exclusions are common in the disability insurance industry. Be aware of these exclusions when they purchase a policy so you know the conditions for making a disability claim. It's nice that State Farm is very transparent regarding these limitations on its website.
Limited Online Information
While State Farm provides a reasonable amount of information on its website about its policies, it could provide further information about the typical insurance cost, available riders, elimination period lengths, and occupation classifications.
For more specific details about insurance policy offerings and what costs would look like for your circumstances, contact a State Farm insurance agent directly.
Insufficient Customer Reviews
Best Company has not received many State Farm disability insurance reviews. General conclusions on customer satisfaction and the customer experience are not available currently.
The Bottom Line
Whatever kind of disability insurance policy you're looking for, you can find it at State Farm. It has good short-term and long-term disability insurance policies. It also offers Individual Credit Disability Insurance that makes payments directly to lenders.
Disability insurance benefits protect your financial stability if you become unable to work. With these monthly payouts, you'll have peace of mind and be able to focus on recovery.
While State Farm's policies come with exclusions, these exclusions are standard for the industry. Consumers should understand the terms and conditions of their disability policy before signing up for coverage.
Your disability insurance cost can vary based on how you construct your policy and your demographic information, like age, gender, and occupation classification. For more specific information about coverage and cost, consumers should contact State Farm.
If you need additional types of insurance (e.g. life insurance coverage, car insurance, etc.), State Farm also offers those insurance products.
