get an affordable life insurance quote
What is life insurance?
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.
What are the different types of life insurance?
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 insurance
Term life
insurance quote
Low cost
Sample rate
$15.09
per month
$250,000 of Protective® Classic Choice Term for 20 years. Rate shown is not available in New York.¹
Coverage length
10-40 years
Builds cash value³*
No
Permanent
life insurance
Universal life
insurance quote
Flexible protection
Sample rate
Rates vary
Coverage length
For life
Builds cash value
Yes
Permanent
life insurance
Whole life
insurance quote
Fixed premiums
Sample rate
Rates vary
Coverage length
For life
Builds cash value
Yes
Permanent
life insurance
Variable universal
life insurance quote
Investment options
Sample rate
Rates vary²
Coverage length
For life
Builds cash value
Yes
* Cash value is a savings-like feature that you can withdraw or borrow against while you're alive.
What is term life insurance?
A term life insurance policy offers affordable, straightforward protection that lasts a defined period of time. Term life insurance is often the lowest priced coverage option, but it is temporary. It designed to help replace your income if you pass away during earning years. Your family can use the death benefit to help pay for expenses like housing, childcare and groceries. With term life insurance, you'll have:
- A tax-free death benefit
Provides your family stability at the very time they will need it most. - Flexible policy lengths
You can choose a term length between 10 and 40 years.
- Affordable rates & payments
Plans start as little as $15.09 per month for 20 years at $250,000.¹
Rate shown is not available in New York - Flexibility to convert to permanent insurance
Switch to longer term protection in the future as provided by policy provisions.
What is universal life insurance?
A universal life insurance policy offers flexible protection that can last up to your lifetime and includes various cash accumulation options. If you want lifelong coverage, but with flexibility down the road, universal life insurance may be a good option. This type of permanent life insurance offers:
- Death benefit protection
As long as you pay the sufficient premiums, your protection never ends. - Built-in flexibility
You can increase or decrease your death benefit to meet your changing financial needs so long as sufficient premium is paid to keep the policy in force.⁴
- Expanded cash value options for certain policies
Some universal life policies provide that the cash value can be linked to the broad performance of stock market index funds, but with limits on how much you can gain or lose. Or, you can choose a guaranteed annual return option. It even offers flexibility to have a combination of both.
What is whole life insurance?
A whole life insurance policy offers predictable lifelong protection with the most guarantees, including a fixed premium and death benefit. Whole life policies provide that the amount of life insurance coverage you buy at the start of the policy remains the same throughout your lifetime. The cost is fixed, based on your age when you buy it. And the money paid to your family when you die is generally income tax free. This type of permanent life insurance offers:
- Death benefit protection
As long as you make the required payments, you can rest assured that your beneficiaries will receive the death benefit if pass away. - Guaranteed cash value
This policy's savings component allows the cash value to increase regardless of market conditions.
- The potential to earn dividends
For participating policies, these earnings can be received in cash, accumulated at interest, used to buy additional life insurance or to help reduce premium payments or pay outstanding loans.
What is variable universal life insurance?
A variable universal life insurance policy typically includes different investment options for your cash value, as well as flexibility in your death benefit. This type of permanent life insurance offers:
- A wider range of investment options
Have the freedom to decide where to invest your cash value. Choose subaccounts similar to mutual funds or fixed accounts. This comes with higher growth potential, and increased risk.
- Full market participation
No limits on how much cash value you can gain or lose like other universal life products. The value of your policy depends on the market performance of your subaccounts. Your cash value growth is not limited, but like other investments, there is also potential to lose value.
Life insurance FAQs
Term life and permanent life are the two main types of life insurance policies. Both offer a tax-free death benefit to your beneficiary/beneficiaries if you pass away. Term life insurance provides coverage for a set period of time and is often the lowest priced coverage option. Permanent life insurance provides the security of lifelong protection and can also build cash value over time.
Life insurance can help protect your family members when they suffer the loss of a breadwinner or stay-at-home parent. Life insurance allows a family to help maintain its standard of living by providing income-tax-free money to help pay for funeral expenses, pay off the mortgage, set aside college tuition for the kids and help provide financial peace of mind after the loss of a loved one.
It certainly can. The misconception about the price of life insurance is the main reason many people opt-out. Consumers think life insurance costs nearly three times the actual price, according to a report by the nonprofit Life Happens. Premiums depend on many factors, including your age and health, so it's advised to look into life insurance now rather than waiting until you are older.
It depends on the type of life insurance policy that you have. Call 800-497-7970 to determine the right type of life insurance policy for your needs.
Which life insurance policy is right for me?
To find the policy that is right for you, answer a few quick questions in the LifeTrek tool.
How do I apply for life insurance?
Complete an application
Your health and lifestyle will be used to confirm your cost. The better your results, the better your price.
Take a free medical exam
Depending on the type of policy you applied for, you may need to take an easy, confidential medical exam.
Sign and review your policy
We'll finalize your plan based on your application and health exam (if applicable).
Why do I need life insurance?
A lot can happen throughout your life — and as your world changes, so do your life insurance needs.
You dream big. And since you're just starting out as an adult, now's the perfect time to protect the life you have ahead of you — at the best rate possible.
Life insurance can help you:
- Establish yourself financially
- Secure coverage and lower rates while you are young and in good health
- Maintain coverage even if you change jobs or lose employer coverage
- Protect co-signers or family from student debt should anything happen to you³
You're experiencing some of the biggest and best moments of your life. From expecting a new baby to buying your first house, at this stage, you have a lot to protect.
Life insurance can help you:
- Provide income to handle expenses if you are gone
- Help make sure your family can stay in your home⁴
- Cover college expenses or pay off education debts³ ⁴
- Leave money for your family — free from federal income tax
Without a doubt, your first priority in life is taking care of your children. It's a good time to start thinking about their future.
Life insurance can help you:
- Provide financial stability to help protect the life you envision for your children
- Cover educational costs, such as college tuition³⁴
- Better prepare those who will be counted on to help raise your children should the unthinkable happen
- Set the foundation for your future financial plans
If you're soon to be an empty-nester or a retiree, it's about time to confidently take that next step in life.
Life insurance can help you:
- Provide income replacement to preserve your family's lifestyle
- Protect co-signers, children or grandchildren from debt should anything happen to you
- Cover unexpected long-term care or final expenses³⁴
- Leave an inheritance behind
You've been working for this your entire lifetime and with careful planning you're ready to make the most of it. Now's the time to reassess how life insurance can provide security during your golden years.
Life insurance can help you:
- Pay final expenses, such as estate administration and burial costs⁴
- Provide emergency funds by borrowing or withdrawing from a life insurance policy that carries a cash value³
- Help offset unexpected medical costs if you are diagnosed with a terminal illness⁵
- Leave a legacy to those who matter most to you