Life Insurance Allstate – Products And Services Offered
Life can be very unpredictable and planning ahead helps to ensure you have peace of mind knowing that your loved ones will be financially stable in the event of your demise.
A life insurance payout to your beneficiaries will enable them to pay for daily expenses, mortgage, education, pending medical bills and even funeral expenses.
Different insurance companies offer different types of life insurance. Allstate offers life insurance through its subsidiaries, brokers and insurance companies.
In order to get life insurance for the first time, you can use the Allstate website to guide you on how to identify the best policy for your situation. The life trek tool is designed to collect relevant information from you, which can then be used by Allstate staff to assist you in getting a policy tailored to your needs. You will be required to provide your names, gender, marital status, age and number of children.
You will also provide your preferences on certain issues and based on your answers, the tool will generate for you suggestions on the type of policy that would be suitable for you. You can use these suggestions to discuss further with an Allstate agent the most suitable policy for you.
Amount Of Life Insurance
You can use the online life insurance Allstate calculator to compute the amount of life insurance you will need. You are required to enter the number of years for which you require the insurance and the assets that you have including cash, savings and other investments.
You will need to identify your expenses at death, including funeral expenses, debts, children’s education and medical costs. You also need to calculate your family’s future income and expenses. All these are calculated against the interest rate for your savings, the inflation rate and the federal tax rate.
Using the information from the calculator, you can request for a quote from Allstate. You can still contact an Allstate representative to discuss the contents of the quote before making a commitment to sign the insurance contract.
Types Of Life Insurance
There are normally three types of cover under life insurance. Allstate provides term, universal and whole life insurance. Currently, term insurance is offered by Australian insurance companies.
Features Of Term Life Policy
The term life insurance policy normally has affordable premiums, and the rates you will pay will depend on your age and medical history. During the duration of the policy, the premiums will not change. You will normally be allowed to choose the length of time you want your policy to be valid, which can be between ten and thirty years. Your premiums will remain constant until your insurance policy expires. Once this happens, you may be eligible to renew the policy or purchase a new one. Read: How to divide insurance payout fairly
Types Of Term Life Policies
You have the option to select your preferred term life insurance. Allstate companies will normally offer you basic term or true term life insurance. With basic term insurance, the period of cover is 15 years and you get to choose your payout benefit amount. For true term insurance, you will have 5 layers of cover to address your financial needs that are short term, and you can select the time and coverage amount.