Everyone deserves a secure financial future — and that's why life insurance is so important. Whether you're just starting out or you're getting ready to retire, a life insurance policy can help you give your family financial peace of mind if you are no longer there to provide for them.
Find a Life Insurance Policy That Meets Your lifestyle
Whether you'd like to help your family maintain its current lifestyle, pay college costs or leave a legacy for future generations, Allstate has options to fit your needs and budget.
Term life lasts for a specific number of years and are suitable for most people. If you don’t die within the time frame specified in your policy, it expires with no payout.
Whole life Insurance policies last your entire life and usually include a cash value component, which you can withdraw or borrow against while you’re still alive.
Universal life is a way to get flexible coverage that can last a lifetime. Many people like this insurance because it has cash value that may grow tax deferred and it may put you in control.
Life insurance fills financial gaps that exist in your lives. As an all-rounder product, life insurance can take care of your different financial needs at different stages of life. All you have to do is identify the need, and there is a suitable life insurance plan for you
5 Top Benefits of Life Insurance
It's part of a sound financial plan
Life insurance helps with planning for your loved ones’ long-term health and happiness, providing you with peace of mind that your loved ones are financially protected. If someone would suffer financially when you die, you need life insurance just like you need a savings or checking account.
It’s not as expensive as you think
Many consumers believe that life insurance is either too complicated or too expensive to consider, creating a barrier to ownership with only 57 percent of people owning life insurance in 2019. In actuality, life insurance is inexpensive and much more accessible that you think
It can build cash value over time
Permanent life insurance has a cash value or cash-surrender value, which means it can build cash value over time in addition to providing a death benefit to your beneficiaries. Just like most retirement and tuition savings plans, cash values can accumulate on a tax-deferred basis and be used in the future for any purpose you wish—a down payment on a home, college tuition or even income for your retirement.
It can help maximize your retirement
If the financial obligations you had when you first purchased a permanent life insurance policy have ended, your policy can take on a new life and benefit your retirement. Structured correctly, your policy can provide supplemental retirement income via policy loans and withdrawals or even options for long-term care benefits.
Life insurance can be more than just life insurance
Riders to a life insurance contract or a specific kind of policy, can enhance coverage. For example, you could have a life insurance policy, sometimes called a hybrid policy, that includes a long-term care benefit to pay for long-term care services.