It’s important to partner with an agent who can help put together the best life insurance plan for every stage of life.
Life Insurance Tulsa
Life is lived in stages and by milestones. At each one of these, consider a review of your life insurance policies.
- You got married
- You had a child
- You bought a home
- You got divorced or remarried
- You had a significant change in your income
- You changed jobs, started a business or retired
- Your children are grown and self-sustaining
Allstate offers flexible life insurance plans to help you meet your immediate and long-range protection goals.
Stop by our office to discuss life insurance options for you and your family.
Life Insurance Basics
Watch these short videos for a quick explanation of different types of life Insurance.
Life Insurance Resources & Information
What is Term Life Insurance?
The Basics: As the name suggests, term life insurance policies offer coverage for a specified amount of time, typically anywhere from one to 30 years.
If you pass away during the term’s coverage, the policy pays out a specified benefit. The person(s) or organization(s) receiving the benefit are known as your beneficiaries. You may choose a single or multiple beneficiaries.
Good to Know: The Insurance Information Institute (III) says term life insurance can be further classified as eitherlevel or decreasing term. Decreasing term life insurance policies typically see the death benefit decrease at specific intervals during the course of the term.
Level term policies in which the death benefit does not decrease are the more common form of term life insurance, the III says.
What Happens When the Term Ends?
The Basics: Term policies typically offer coverage only for the duration of your chosen term.
The cost of a policy is based largely on the insured person’s health and age at the beginning of the term, says the III. Declining health or increasing age can make it difficult or more expensive to acquire a new term policy as you get older.
So, when your term ends, you’ll likely pay higher premiums (or regular payments) if you renew or purchase a new policy, says the III.
If your policy is renewable, you may have the option of extending your coverage for another term, up to a specified age.
Also keep in mind that some term policies are convertible to a permanent life insurance policy, if your eventual goal is lifelong coverage. Check with your agent for specifics on convertible policies, as the conversion typically has to happen within a specified time period.
Good to Know: Some term policies allow for an increase in your premiums during your existing term. To avoid any surprises down the road, read your policy carefully and ask your agent questions up front.
Finally, some term policies offer a “return of premium” option that entitles you to have some or all of your premiums refunded at the end of the term, assuming you have made no claims on the policy, says the III. It’s worth noting, however, that such policy premiums tend to be significantly more expensive than non-refundable premium options.
Buying life insurance is both a sensitive subject and an important step toward ensuring your family’s financial future. Consult with your insurance agent to determine whether term life insurance meets your needs.
Whole life insurance
- The most basic type of permanent life insurance.
- Provides coverage throughout your life—as long as your premiums are paid—and has an investment component known as your policy’s cash value.
- The cash value will increase regardless of market conditions.
- Your premium payments are guaranteed to stay the same throughout the life of the policy.
Universal Life Insurance
- Similar to a whole life insurance policy in that it has a simple savings component that can build your cash value by earning interest.
- Your policy’s cash value is tax-deferred.
- You can decrease your plan and payments as your needs change.
- With underwriting approval, you can increase your plan coverage.
Variable Universal Life Insurance
- Offers potential lifelong protection and a cash value that can build over time.
- You may invest your cash value in options.
- While this type of policy has more financial risk, it also comes with the potential for greater financial reward.
What Is The Difference Between Term Life and Permanent Life?
There are two major differences between term life insurance and permanent life insurance. Understanding how each kind of policy works can help you make a decision about what works for your unique needs.
- Term life insurance offers protection for a finite period of time (10 to 30 years), while permanent life insurance policies offer potential lifetime protection.
- Permanent life insurance includes a cash value element and term life insurance does not. Permanent life insurance typically costs more than term life insurance. Often people purchase as much permanent life insurance as they can afford and then supplement their life insurance needs with a term policy.
What Are The Perks Of Permanent Life Insurance?
Permanent life insurance not only helps protect your family, but it can also serve as protection for the future. A few benefits of term life insurance include:
- Lifelong protection: Permanent life insurance policies can last a lifetime, as long as your payments are made.
- Cash value: Permanent life insurance policies can accumulate cash value over time, which can be made available to you through policy loans and withdrawals if needed.
- Tax exemptions: Any payments your beneficiary receives, known as death benefit proceeds, are generally exempt from federal taxes.
- Policy options: You can choose from different types of permanent life insurance policies: whole life, universal life and variable universal life.