With May being designated as National Family Wellness Month, Allstate Insurance Company is reminding us to make sure that our families are properly protected with life insurance.
“Securing the right amount of life insurance coverage should be one of the first steps to putting yourself and your family on the right path to a stable financial future,” says Allstate’s Regional Financial Services Leader Mike Wargo. Families should think about the added peace of mind and the wide variety of benefits realized through owning life insurance.”
Clearly, the main benefit of life insurance is a crucial one – a tax-free cash payout upon death. But, coverage may also be tailored with features to deliver additional benefits, including:
• Affordability – Term life insurance provides life insurance coverage that is guaranteed for a set time period, usually 10-, 20- or 30-years. This type of life insurance provides the lowest cost life insurance protection available, with monthly premiums that can be affordable for most families. Also, some term life policies can be converted to permanent policies during the policy period–without the need to re-qualify.
• Tax-Deferred Savings – Permanent life insurance (like whole life or universal life) can provide life insurance coverage for the insured’s lifetime. Permanent life insurance also accumulates cash value on a tax-deferred basis, which can be an important part of a family’s savings plan. Universal policies may allow insureds to adjust the death benefit or payment schedule to meet changing circumstances or to keep up with inflation.
• Disability Protection – Some life insurance policies have an option that will pay the insured’s premiums and keeps the coverage in force if the policyholder becomes disabled and can’t work.
• Emergency Funds – In a financial hardship, permanent life insurance policyholders can often borrow money against their life insurance policy. If a permanent life insurance policy has an accelerated death benefit option, it also can make funds available for critical needs in accordance with its provisions.
For more information about life insurance, please visit www.allstate.com/
