The State Life Insurance Co.
This State Life Insurance Co. review includes company information that will be helpful as you shop for life insurance online, including company history, principle sales methods, and more. State Life sells term, whole, and universal life insurance policies, in addition to fixed and variable annuity plans. Read more about The State Life Insurance Company here.
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Written by
Jeffrey Johnson
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UPDATED: Jun 8, 2021
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2006 Assets: $2.386 billion2006 Premiums: $217.2 millionS&P rating: AA- (very strong)Moody’s rating: A2 (good)
Company Overview:
Company History: Founded in 1894 in Indianapolis, The State Life Insurance Co. offers a variety of financial products that combine Long Term Care benefits with other benefits (such as death benefits).
State Life is one of a group of subsidiaries of OneAmerica Financial Partners, Inc. (an Indiana Stock Company) which in turn is a subsidiary of an Indiana mutual insurance holding company formed in 2000 (American United Mutual Insurance Holding Company).
The lead company of the group of insurers is American United Life Insurance Company which is licensed in 49 states and the district of Columbia.
A variety of group benefit plans and related services are also provided through the group’s insurance companies and its managing general underwriter (R. E. Moulton, Inc.) that provides medical stop-loss, consulting advice, and other services to employers.
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Principle Sales Methods: Career agents, plus independent agents and brokers.
Life Annuity Business: The State Life sells Term, Whole, and Universal Life policies, plus Fixed and Variable annuity plans.
Special Business: The State Life offers a variety of products with long-term care (LTC) benefits, such as Asset-Care® (life insurance with LTC benefits), Annuity Care® (annuity with LTC benefits), ImmediateCare® (immediate annuity for individuals currently receiving long-term care), and Legacy Care® (senior-focused deferred annuity).
Company has blocked continued payment of my mother’s LTC claim. After initially paying for five months, company insists assisted living center has not provided proof of residency, which it has, repeatedly. Company currently owes 6,000 on LTC claim.
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Mom took out State Life Long Term Ins. because a sales rep came by her home 17 years ago.She didn’t ever want to go to the nursing home, prefering to stay in her home with help. She has dementia now and has had caregivers around the clock since Nov. 2014 after falling and going to the hospital with broken pelvic bones. As her POA I started a claim with State Life Sept. 2015. I have been given the run around for a year and 4 months and stil no money has been paid to my mom. Advice don’t take out Long Term Life Ins with State Life
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Even after meeting the 2 ADL’s requirement for a claim they would not release the funds. Horrible experience.
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Have long-standing annuity. Started RMD last year. They calculated wrong amount. I needed to work through their system to get corrected which was not easy. Called to make sure it went through this year. Never received verification of automatic withdrawal. Never received contact back after initial conversation. Would not recommend. Appears very poorly managed.
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Seems this company has made changes in their claims processing based on other reviews. Handled Mom’s LTC claim and will for the rest of her life.
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Great Company and Great Policy
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My mom has diligently paid her premiums for over 25 years. In 2017, she fell..broke all the vertebrae in her neck and nicked her spinal cord. She endured multiple surgeries, over a year of inpatient and outpatient rehabilitation. Confined to a wheelchair for the better part of the year..and still continues to suffer side effects. State life has come up with any and every reason to decline coverage. Literally, she would have been thrilled to have even satisfied the 90 elimination period…but they always responded with some excuse. What a complete waste of money and time…that she will never get back. I am praying that no one else has to endure the absolute extraordinary unprofessional behavior that she has.
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