What Life Insurance Can Do For You

NORTHBROOK, Ill., Sept. 3, 2013 /PRNewswire/ -- What can send a kid to college, keep a roof over your family's head and help you sleep better at night? Life insurance. However – despite these potential benefits – almost half of Americans don't have life insurance.¹

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"Many people who could benefit from life insurance don't have it, sometimes because shopping for insurance is intimidating or they believe it's unaffordable," said Don Civgin, president and chief executive officer, Allstate Financial. "As part of September's Life Insurance Awareness Month, Allstate agents and exclusive financial specialists are offering complimentary insurance check-ups to help you assess your current insurance coverage based on your long-term financial needs. This information can help you decide if you need life insurance, how much, what type and how it can fit into your budget."

Life insurance can protect you and your family in many ways. Most obviously, the insurance's death benefit can help fund college tuition or the mortgage, cover unpaid medical bills and funeral expenses, or replace your income. Some life insurance products are employed as part of an estate plan, as a source of retirement income or to pay estate taxes. Life insurance coverage should be considered when you marry, divorce, have children or plan to start a business. And of course, you may want less coverage after your children leave home to live independently.

Life insurance has become more affordable over the years. In addition, different types of life insurance can be tailored to individual budgets and needs. Term life insurance lasts for a specified period – somewhat like a lease on an apartment – and allows you to pay premiums for a given number of years of protection. At the end of the term, you can choose to renew at a new rate, discontinue protection or select a new policy. Alternatively, permanent life insurance can be considered to be more like owning a home. Permanent life insurance provides insurance throughout your life and accumulates cash value over time – like the equity in your home – assuming you make regular premium payments and avoid loans, withdrawals or surrenders.

More information

• Watch Allstate agency owner Chris Manfredi explain how life insurance helped a customer's family at http://www.lifehappens.org/portfolio/tonia-wachtel-giving-a-family-what-it-needed. (Video courtesy of the Life Foundation.)
• Take a life insurance self-assessment at www.myallstatefinancial.net to learn more about life insurance in light of significant life events, such as a change in marital status, milestone birthday, buying a home or expanding your family.
• Visit www.myallstatefinancial.com/life-insurance.aspx for general information about life insurance.
• To find an Allstate agency near you, visit http://allstateagencies.com/agentlocator/searchpage.aspx.

The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate^®, and are widely known through the slogan "You're In Good Hands With Allstate^®." As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.

Life insurance is issued by Allstate Life Insurance Company, Northbrook, Ill.; Lincoln Benefit Life Company, Lincoln, Neb.; American Heritage Life, Jacksonville, Fla.; and in New York, by Allstate Life Insurance Company of New York, Hauppauge, N.Y.

¹ Source: LIMRA and LIFE Foundation 2013 Insurance Barometer Study.

SOURCE Allstate Insurance Company