Announcer (voiceover): How long do you plan to live? Long enough to check off every adventure on your bucket list and then start another one? That's why there's whole life insurance, so you can follow your dreams for your whole life without worrying about how your family will get by without your financial support.
Announcer (voiceover): Unlike term insurance, whole life is permanent insurance, so it can cover you for-- your whole life!
Announcer (voiceover): Whole life policies guarantee that the amount of life insurance coverage you buy at the start of the policy remains the same throughout your lifetime-as long as the planned premiums are paid. The cost is fixed, based on your age when you buy it and usually doesn't increase.
Announcer (voiceover): Some of the money you pay into Whole life insurance builds cash value that's guaranteed to increase. Like equity in a home, cash value can be borrowed or withdrawn if you ever need it.
Announcer (voiceover): And many whole life policies offer the opportunity to earn even more - through dividends or other credits. Most policies allow these earnings to be taken in cash, used to buy additional life insurance, or to help reduce the amount you might pay out of pocket to fund the policy.
Announcer (voiceover):Take John and Julie, for example. They wanted a guaranteed death benefit they can count on for the rest of their lives. They also wanted safe and steady cash value growth, and premiums that never go up. And they really like the option some policies offer that allows them to access the coverage amount early if they become chronically or terminally ill. They just don't want to be a burden on anyoneâ€¦especially each other. And when they learned about the dividends or excess credits they can receive from the policy, they talked about cashing them in down the line to pay their last couple of car paymentsâ€¦ but finally settled on using the extra money to reduce their future premium payments. This way they can enjoy full coverage and reduced payments.
Announcer (voiceover): For people with simpler needs, policies can be set up for lower coverage amounts and designed to cover the bare essentials like burial and other final expenses.
Announcer (voiceover): With whole life insurance, the money paid out at death usually doesn't go through probate court and is income-tax free, so your loved ones receive the money without delays, taxes, or extra legal costs.
Announcer (voiceover): Allstate has two whole life solutions that fit different needs.
Announcer (voiceover): Learn more about whole life insurance to find out if it's right for your situation.