Securing a life insurance plan can be a daunting experience, but it’s one that will offer protection when your family needs it most. With a firm grasp on the value of financial security—now and in the future—Allstate Insurance Companies offers a broad range of life insurance products designed to fit your lifestyle.

To find your ideal policy, review the fundamental traits of these three common life insurance plans, as well as their pros and cons.

3 Life Insurance Plans & How They Can Benefit You

1. Term Life Insurance

Term life insurance is one of the most popular and affordable coverage options. These plans only last for a limited time—around 10–20 years. While you can lock in an excellent premium during this period, you won’t receive benefits once the term expires. This structure makes term life insurance ideal for young families—such as those who have to cover child-rearing costs, college tuition, or home payments should the primary earner pass away.

2. Whole Life Insurance

If you’re looking for a life insurance plan that lasts a lifetime, whole life insurance is the best way to go. Also known as permanent life insurance, this option is known to carry higher premiums than term life insurance. However, whole coverage can build cash value over time. Should you need to access funds for retirement or education, you can borrow from your whole life insurance account. This plan also provides benefits for those looking to minimize their tax burden and build their wealth.

3. Universal Life Insurance

A universal life insurance plan works similarly to a whole plan—it’s permanent and can build cash value as you pay premiums. However, this option also allows policyholders to adjust their coverage amount and premium payments throughout life. If your family is growing, you’ll be free to expand your coverage down the road.

Still not sure what life insurance plan is best for you? Contact Allstate agent Dewey Beckner at (336) 884-5636, or visit him online. As a trusted High Point, NC, insurance expert, Beckner provides top-rated local service backed by reliable coverage and affordable quotes.