You take care of your family, quietly handling their day-to-day needs while planning for their future. It’s your job to consider all the economic realities that could easily change the way they live, so you must ask the big questions about illnesses, accidents and even deaths. One of the most important decisions you will ever make concerns the life insurance you purchase to provide for your family’s future.
Fortunately, you can turn to your Allstate insurance professional, a trained and licensed life insurance specialist with a whole team of experts on call. He or she will listen to your questions, assess your situation, and recommend the life insurance and other financial products you may need to provide for your family.
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What will happen to your family if something happens to you? You need to ask yourself if your current life insurance policy will provide enough benefits for your family to continue living in their chosen lifestyle.
Your children may want to attend college someday. With tuition costs rising, will they be able to afford college without a strong financial plan to get them there? Perhaps you’ve been helping your elderly parents, providing a few dollars here and there to help make their lives a bit more comfortable. Who will take care of those expenses when you’re gone?
What about your job? With plants and offices closing, unemployment is a fact of life. A faltering economy has left no one immune to the sudden trauma of job loss. Does your life insurance program have a cash value option that you may call upon to help you through these tough times?
What about retirement? Of course you may have already planned for the future, setting money aside in a 401(k) or other investment, but the stock market and bank failures may have taken a toll on your nest egg. When you retire, will you have enough money to live the kind of life you want? Does your life insurance have a provision that might help you out?
These are big questions, but with the current economic downturn, it is more important than ever that you find the answers. Fortunately, your Allstate insurance professional has already considered these questions and many more. They have the answers that may be exactly what you need, and they are ready to share those answers with you.
Life Insurance You Control
If your life insurance is employer sponsored — with premiums deducted from your paycheck and status reports issued annually — you’ve never had to think about it, but you may not have enough coverage. If something happens to your job, you may lose your life insurance coverage completely. It may be wise to supplement your company-sponsored life insurance with a life insurance plan you control — a permanent life insurance policy that will stay in force, even if you change employers. Ask your Allstate agent about these and other life insurance plans.
Whole Life Insurance
Your agent can provide a life insurance quote for a permanent policy that stays with you for your entire lifetime. The life insurance policy premium will be based on your health and circumstances. Part of the whole life insurance premium is set aside to build cash value you may borrow against if the need arises.
Term Life Insurance
A term life insurance policy lasts for a stated period. Your life insurance premiums will stay the same for the entire length of the policy. Once it expires, you may renew it with an annually reevaluated life insurance premium or convert it to a permanent life insurance policy.
A Variable Universal Life Policy
This life insurance policy combines a permanent policy with an investment feature and a variable premium. Your Allstate agent can provide a prospectus supplying information on the investment aspects of this plan.
Consulting with your Allstate agent and working out the details ahead of time will help set your mind at ease and leave you time to enjoy your family.