Vantaggi
This is a pretty "safe" place to work. The culture is nice and this isn't a place that's known for suddenly laying off people. Work/life balance is promoted, however, I do feel that many in management don't have the same ability to have a good balance. I was able to achieve a few promotions fairly quickly in my career. Age/tenure is not necessarily more important than ability. Being a large insurance company, there are many departments and opportunities. State Farm doesn't care so much what your degree is in, so long as you have a bachelor's degree.
Svantaggi
From what I hear from others who have left State Farm for other companies, the pay is better elsewhere. I am vested in the pension (which is no longer offered to new hires), so that is part of the reason the pay is not quite as high. But I sometimes also think this is a smokescreen for not paying people as much. I have worked at State Farm for 13 years and although I've been promoted to different roles that pay better, I feel that I am perpetually at the bottom of the salary range of the role I'm in.