Term Life Insurance

Term Life Insurance Policies, Rates & Quotes.

You can afford to help take care of your family, even if you can't be there.

You provide for your family every day helping take care of everything from scraped knees to groceries, college savings to mortgage payments. They know you're always there for them. Term life insurance helps keep that promise, even if you pass away. It's tough to think about, but just a small monthly payment, called a premium, can help provide a level of financial protection and security to your family.

Get to know how term life insurance works.

  • Cost: Purchase a policy for an affordable cost (premium) based on your personal health history and age. This premium will not change during the guaranteed premium period of the policy.
  • Term: The length of time your policy will last, as long as premiums are paid on time and you are still living. Term lengths range anywhere from 10 to 30 years. You choose a length of time and your payments stay the same until the end of your term.
  • Coverage: The amount of death benefit (payment) your beneficiary will receive if you pass away while your policy is inforce.
  • Use: Your beneficiary could count on the life insurance money to help with housing expenses, provide child care if needed, and take care of life's planned and unplanned expenses.
  • Options: You may be able to renew or purchase a new policy at the end of your term. You can add riders, allowing you to customize your life insurance policy according to your needs. You may also be able to convert to a permanent policy as specified within your term policy pages, without needing a medical checkup.
Allstate Life Insurance Strategies

Allstate companies offer two types of term life insurance.

  • You choose the payout benefit amount : $50,000, $100,000 or $150,000.
  • Time frame for coverage: 15 years.
  • No medical exam required: Just answer a few questions. Policy issuance is dependent on the answers to health questions in a customer's application1.

Talk to an Allstate Agent

  • Build in up to five layers of protection to cover a variety of shorter term financial needs such as college, housing expenses, or income replacement.
  • Select an individualized coverage amount and time period for each layer of protection, within a range of 10 to 20-years (or age 70 if earlier).
  • Qualify for lowest possible rate for each layer of protection by bundling all customized coverage layers on the base policy.

Below are some common questions about term life insurance. Don't see what you're looking for? Contact an Allstate Personal Financial Representative. We're here to help.

Questions? We're here to provide answers.

What if my term life insurance expires during my lifetime?
You can renew your term life insurance policy, but your premiums would increase when your guaranteed premium period (term) expires. You can buy a new term policy, but would have to re-qualify based on factors like your age and health. You also have the option to convert to a permanent policy as specified within your term policy pages, without needing a medical checkup.
Can I change my policy to permanent life insurance?
You can usually convert your term policy to a permanent policy without having to get another medical exam as long as you convert within the first few years that you own your term policy.
Can I own both term and permanent life insurance?
Yes, this is often a good strategy. You might have term insurance to help your loved ones take care of life's everyday expenses. You might also want a permanent policy that builds cash value you can borrow or withdraw against.2
How is term insurance different from permanent insurance?
If term life insurance is like renting an apartment for a set time frame, then permanent life insurance is more like owning a home. While a term policy offers coverage for a set amount of time, a permanent policy may guarantee your coverage that could last a lifetime as long as you make premium payments. Keep in mind that permanent premium payments are typically higher because the policy accumulates cash value over time that you can use during your lifetime.
What happens if I suffer from a terminal illness?
An automatically available option is offered on Basic Term and TrueTerm Polices called an Accelerated Death Benefit Rider. This Rider allows you to access some of the death benefit if you become terminally ill and have only 12 to 24 months to live, depending on your state's guidelines..
Will a True Term policy continue to be in place if I become disabled and can't work?
Yes. For an additional cost, you can add an option known as a Waiver of Premium Rider to your policy. This rider would pay your premiums if you become disabled and can't work.
Would my beneficiary have to pay taxes on the payment he or she would receive?
No. Benefit payments, known as death benefit proceeds, are generally exempt from federal taxes2
1 Three simple database checks are used to determine eligibility for Basic Term: MIB, MVR and Prescription Database Check in addition to the medical questions on the application

2 Partial withdrawals and surrenders from life policies are generally taxed as ordinary income to the extent the withdrawal exceeds your investment in the contract, which is also called the "basis." In some situations, partial withdrawals during the first 15 policy years may result in taxable income prior to recovery of the investment in the contract. Loans are generally not taxable if taken from a life insurance policy that is not a modified endowment contract (MEC). However, when cash values are used to repay a loan, the transaction is treated like a withdrawal and taxed accordingly. Unpaid interest on loans is added to the loan principal, thereby increasing the total debt on the policy. The combination of an increasing loan balance and deductions for contract charges and fees may cause the policy to lapse, triggering ordinary income tax on the outstanding loan balance to the extent it exceeds the cost basis in the policy. Loans, if not repaid, and withdrawals reduce the policy's death benefit and cash surrender value.

Life insurance issued by Allstate Life Insurance Company, Home Office, Northbrook, IL; Allstate Assurance Company, Northbrook, IL; Lincoln Benefit Life Insurance Company, Lincoln, NE. In New York, Allstate Life Insurance Company of New York, Hauppauge, NY.

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