What Life Insurance Can Do For You
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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
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 ownerChris 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 theLife 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.
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