State Farm (now Desjardins Insurance Agents) is ranked the 26th largest carrier in terms of life insurance volume in Canada, as per their website, www.statefarm.ca. Their life insurance plans are available in three provinces Alberta, Ontario and New Brunswick.
A key plan in their term insurance line-up is their Select Term 30. The plan features include:
Premiums are level for 30 policy years
The plan is guaranteed renewable without a medical
The plan is convertible to a permanent plan without a medical
Advantages
Preferred rates are available.
The plan is convertible to a permanent plan without a medical.
Disadvantages
State Farm (now Desjardins Insurance Agents) employees are a captive sales force, i.e. their agents are limited to selling State Farm (now Desjardins Insurance Agents) policies.
Their are a limited number of policies that their term life insurance plans are convertible to.
Their Term 30 plan is not competitively priced in most age brackets.
$250,000 of Term 30 coverage for a 40-year-old, male non-smoker at standard rates is $89.18/month. This compares with the other leading carriers in Canada.
La Capitale : $61.25/month
Industrial Alliance : $62.78/month
BMO Insurance : $65.03/month
You can also get an instant Term 30 quote by visiting our Online Instant Term Life Calculator, or contact us at 1-866-899-4849.
