Allstate Launches Consumer-Driven Life Insurance

Allstate is introducing Monthly Income Term, a new life insurance policy that pays out like a monthly paycheck should a loved one pass away. The new product is available now, subject to state availability. “Instead of a lump sum payment found in most standard life insurance policies, a monthly benefit makes it easier for families on a budget to protect their families and standard of living.”

“Our industry must do a better job with helping consumers better understand and navigate their insurance options. Monthly Income Term is a big step forward to help provide financial security in a very simple way, especially for families who are balancing so many competing priorities.” – President of Allstate Financial Businesses, Mary Jane Fortin.

The design of this product was driven by consumers, who have expressed that financial protection which acts like a monthly paycheck helps them better understand and determine how much coverage their families will need should the worst occur. It also provides a one-time $10,000 payment to help with any other immediate expenses following the passing of a loved one.

Get a feel for the flow below: