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Term Life Insurance
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No matter what stage of life you’re in, chances are you have loved ones or assets you want to protect. Term life insurance makes doing that affordable.
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The Details
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Term life insurance is pretty clear-cut. Your coverage lasts for a “term” you choose, usually 10, 15, 20 or 30 years, and your premiums are guaranteed not to increase during that term period. If you pass away during that time period, your beneficiaries get a cash benefit (the “death benefit”). 

If you live longer than the term, you have the option to continue coverage for an annual, renewable premium. This premium is usually a lot higher, and it increases every year. (Most people simply let their term policy expire at the end of the term period.)

Most term policies give you the option to convert it to a permanent life policy  without getting a medical exam, if that’s something you’re interested in.

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Why They're a Good Idea
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Because it’s relatively inexpensive, term life insurance can be a great choice for young families, stay-at-home parents, or even people who already have a life insurance policy that they want to supplement.

Here are just a few reasons to choose term life insurance:

  • You can buy protection for the length of time it will take your kids to become financially independent or while you pay off your mortgage.
  • Many term policies will let you convert your policy to a permanent policy without needing a new medical exam (which can be important if you’ve had health problems).
  • Your beneficiaries won’t pay taxes on the cash benefit.
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Common Questions
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What can I do when my term policy expires?
You basically have three choices. You can continue it by paying higher premiums that increase every year, or convert it to a permanent policy, or just let it expire. Most people take the third option. Not all term policies will let you convert to a permanent policy, but if yours does you won’t need a new medical exam. (That can be really helpful if you’ve had health trouble that would affect your rates or insurability.)
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How much life insurance do I need?
How much life insurance do I need?
A good rule of thumb is to plan for seven times your salary. If you want a more accurate picture, Allstate has a life insurance calculator that can help.
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ALLSTATE LIFE INSURANCE COMPANY (ALIC), HOME OFFICE, NORTHBROOK, IL. ALIC IS NOT LICENSED IN AND DOES NOT DO ANY INSURANCE BUSINESS IN NEW YORK. IN NEW YORK, ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK, HAUPPAUGE, NY.
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