Allstate Term Life Insurance

Allstate Term Life Insurance

Allstate Term Life Insurance is one of the many financial products that Allstate Insurance has to offer its customers.

"Why consider Allstate life insurance?" you ask.

Well, you might want to investigate life insurance with Allstate simply because it's a good way to make sure your loved ones and your assets are protected.

If you're not familiar with the different types of life insurance, let me give you a little summary.

A term life insurance policy is based on set terms, which can last 10, 15, 20, or even 30 years. During the term-length you specify, your premiums will never increase - guaranteed.

If you should die during your "term" of coverage, your beneficiaries will receive the cash benefit. If you outlive your term, you can renew your policy annually.

However, you premiums will increase each time you renew your plan. This is why you may want to consider getting permanent life insurance at that point.

If that is the case, why would anyone want Allstate insurance life term? It's relatively cheap, for starters. Subsequently, it is good for young families, homemakers, or as a supplemental policy to permanent life insurance coverage.

Additionally, you can buy a policy until your kids develop fiscal independence. You can also buy this coverage until you pay off your house. Plus, many term policies allow you to transfer your coverage to a permanent policy, if you choose to do so.

This would be exclusive of a new medical exam. That can be significant, especially if you have had health issues.

Finally, Allstate term life insurance is good, seeing as your heirs will be given cash benefits tax-free. When your Allstate life term policy expires, you essentially have three options. You can...

  1. ...continue your current coverage by paying elevated payments that grow annually.
  2. ...transfer your policy to a permanent one.
  3. ...just let it terminate.

The majority of people choose the last alternative. Not every term policy will permit you to switch to a permanent one; however, if yours does let you transfer, there will be no need for another medical exam. That can be very advantageous if you’ve had health problems that would affect your payments or ability to be covered.

In order to know how much coverage you will need, calculate for seven times your income. If you would like a more exact amount, Allstate has a life insurance calculator on their website that you can use to help you figure it out.

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