Last Updated: August 16, 2021
Premium Tables
The premiums for the standard policies offered by the State Life Insurance Fund (Fund) are given on the premium table pages (see below). To determine your premium, look at your age, sex, and the policy you wish to buy. The rates indicate the cost per $1,000 of insurance. Multiply this rate by the amount of insurance you are buying to determine the actual premium you will pay. If you pay quarterly or semiannually, costs will be somewhat higher. If you can afford to pay premiums annually, you can save this cost.
Premium Tables
Waiver of Premium Benefit
Standard risks who buy life insurance through the Fund automatically have a waiver of premium benefit. This means if total and permanent disability of the insured occurs, premium payments are paid by the Fund from the benefit and the policy remains in force.
This benefit expires when the insured reaches age 60 unless the insured is then disabled.
Cash Surrender Value
The cash surrender value is the guaranteed amount of cash available in a policy. Cash surrender values are important to policyholders who wish to borrow money or build an asset fund.
Cash surrender values may be borrowed. If you borrow the cash surrender value and die, this amount will be deducted from the benefits paid. The Fund currently charges 8% interest on outstanding loans for policies effective April 1, 1977, and after, and 6% on policies with effective dates of March 31, 1977, and before. If you terminate the policy, you will receive the net cash surrender value. If you would like a printout of cash values for a desired plan, contact the Fund at 1-800-562-5558.
Other Considerations
Cost is only one consideration in buying life insurance. Consumers should also be concerned about the provisions of the policy contract, the stability of the insurer, and the service received.