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Term Life Insurance Made Simple


Frequently Asked Questions

When does my coverage begin?
Coverage begins after your policy application is approved without any changes by the insurance company that issued your policy, and you’ve paid your first premium. To see when your coverage begins, look for the issue date shown on your Policy Data page.
Would my death benefit be lower if I were to die soon after I bought the policy, such as less than a year?
No. If you’ve paid your premiums on schedule, your beneficiary will receive the full death benefit amount you chose. (Subject to the terms and conditions of your policy.)
Will my beneficiary have to pay taxes on the death benefit?
Life insurance death benefits are generally free from federal income taxes.1
If I am still alive at the end of my policy's term (Initial Premium Guarantee Period), do I or my beneficiary receive any money?
No. A term life policy does not build cash value.

Questions?

Call, visit or e-mail your Allstate agency

Consult your tax advisor for additional information

1. The death benefit of life insurance policies that were transferred for value may be subject to ordinary income taxes. Estate taxes may apply.

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