Term Life Insurance Policies, Rates & Quotes

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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. And help 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 after you are gone.

Get to know how term life insurance works.

Cost Term Coverage Use Options

Cost: You buy a policy for an affordable monthly cost (premium) based on your personal health history and age. This monthly premium will not change during the guaranteed premium period of the policy.

Term: Coverage choices are usually 10, 15, 20 or 30 years. Coverage means the maximum length of time you will be paying the premium and the time period during which your beneficiary receives a death benefit if something happens to you.

Coverage: If you were to pass away during the time frame you selected and your policy is in force, your beneficiaries would receive a lump-sum payment based on the coverage amount that you choose.

How your family can use the money: Your beneficiary could count on the life insurance money to help keep the house running, provide child care if needed, and take care of life's planned and unplanned expenses.

Options you have with your policy: You may be able to renew or purchase a new policy at the end of your term. Your policy may also convert to a permanent policy within the first 10 years that you own your term policy or until you reach a certain age without needing a medical checkup. Keep in mind that these choices may be more expensive than your original term policy.

Allstate companies offer two types of term life insurance.

Basic Term True Term

Basic Term
- 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.
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TrueTerm®
- 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
Get a Quote now Talk to an Allstate Agent
Customize Your Coverage

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 within the first 10 years that you own your term policy or until you reach a certain age without needing a medical exam. Keep in mind that these choices may be more expensive than your original term policy.
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 10 years that you own your term policy.
Can I own both term and permanent life insurance?: Yes. You might have term insurance to help your loved ones take care of life's big and small expenses in the event you pass away. You might also want a permanent policy that builds cash value you can borrow or withdraw against, but keep in mind that taking a loan or withdrawal may affect the benefit amount that your beneficiaries would receive.³
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.
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. Payments, known as death benefit proceeds, are generally exempt from federal taxes.⁴

Is Permanent Life Insurance Right For You?

If you're an existing term life insurance customer, consider converting to a permanent policy if available — no medical checkup required.
Call an Allstate Agent >

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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 Benefit amounts start at $100,000 in Washington state.

³ 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 policyâ€™s death benefit and cash surrender value.

⁴ The death benefit of life insurance policies that were transferred for value may be subject to ordinary income taxes. Estate taxes may apply. Consult your tax advisor for additional information. Allstate Basic Term ^SM is a term life insurance policy (LU10987 series in most states) issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Available riders include the Accelerated Death for Terminal Illness (LU10990 series). See rider for terms, conditions and restrictions. Subject to state availability. In New York, Allstate Basic Term^SM is a term life insurance policy (NYLU769 series) issued by Allstate Life Insurance Company of New York, Hauppauge, NY, a wholly-owned subsidiary of Allstate Life Insurance Company, Northbrook, IL. Available riders include the Accelerated Death for Terminal Illness (NYLU745 series). See rider for terms, conditions and restrictions. TrueTer^SM is a term life insurance policy issued by Lincoln Benefit Life Company. Lincoln Benefit Life Company is a wholly owned subsidiary of Allstate Life Insurance Company, Northbrook, IL. TrueTerm is available in most states with contract series LP0600 and rider series LR0601, LR0603, LR0806, LR0604, and LR0605. This policy has exclusions, limitations, and terms that may affect coverage, renewal, cancellation, termination, or other contractual rights and benefits. In New York, TrueTerm^SM is a term life insurance issued by Allstate Life Insurance Company of New York Home Office, Hauppauge, NY. TrueTerm^SM is available with contract number NYLU757 and rider series NYLU758, NYLU668, NYLU745, NYLU669, and NYLU670. This policy has exclusions, limitations, and terms that may affect coverage, renewal, cancellation, termination or other contractual rights and benefits.