Universal life insurance is a type of permanent policy where you can adjust your premiums or death benefit, within certain parameters. Some people prefer it over whole life insurance because it’s generally less expensive but still can still build cash value and provide lifelong coverage.

State Farm’s universal life insurance policies offer lifelong protection and living benefits that you can use to pay premiums, cover emergencies and more.

State Farm universal life insurance is the company’s most flexible permanent policy. It builds cash value and is available to individuals ages 0 to 85. Coverage starts at $25,000 or $50,000, depending on your age, and you can raise or lower your premiums as needed.

It’s important to remember that universal life insurance policies can lapse if the cash value gets too low to cover policy expenses and fees that are charged each month by the insurer.

State Farm also has two types of universal policies that cover two people in one.

With State Farm’s survivorship universal life insurance, beneficiaries receive a payout only after both policyholders have died. This type of policy is often used for estate planning, funding a special needs trust or leaving gifts to your favorite charities. It’s generally less expensive than buying two separate life insurance policies.

State Farm’s joint universal life insurance insures two people under one policy and pays a benefit after the first person dies. It’s mainly used to cover living expenses for a surviving spouse or to fund buy-sell agreements between business partners. Any unpaid policy loans or withdrawals at the time of death will reduce the death benefit amount.

State Farm universal life insurance comparison