State Farm Life Insurance Company of Bloomington, Ill. will begin offering wealth management services through a partnership with Phoenix Home Life Insurance Company of Hartford, Conn., State Farm announced today.
The partnership will allow State Farm will target its nearly 1.8 million clients who have a net worth of $1 million or more, excluding primary residence, said Murray Payne, a company spokesperson. Phoenix Home Life is an ideal partner because it is a leading provider of high net-worth products, he said.
State Farm is currently the seventh largest life insurer, according to the company.
The partnership could result in a new line of State Farm products, but details of the partnership need to be worked out, Payne said. A pilot program will be launched in two parts of the country in July, he said. The service will be designed so Phoenix Home Life will provide assistance to State Farm agents who want to offer clients estate, retirement and business planning, charitable giving services, he said.
State Farm has 16,000 agents throughout the U.S. and the firm began offering 10 retail mutual funds earlier this month ago. (MFMN 8/7/2000)