The most common types of life insurance today are term, permanent and universal life. Whatever plan you choose, now is the best time to buy life insurance. The death benefit is paid if you die within the period of coverage. If your life insurance needs change to permanent needs you can convert your term policy, while in force to any permanent plan offered by the Company. This can be done regardless of your health.
Premiums are general level and are payable for life.
It remains in force, regardless of any future health impairments, for as long as timely premium payments are made. Cash values are not subject to federal income tax unless the policy is surrendered. State Farm pays dividends on some policies. However, dividends are not guaranteed. The cash value earnings are tied to the Company's current interest rate.