US personal lines insurer Allstate has rolled out its new life insurance policy, dubbed as whole life advantage, which guarantees death benefits, cash values and premiums, in case of sudden demise of the policyholder.

Underlining the importance of new policy, the insurer said that nearly four out of 10 Americans don’t have life insurance.

Allstate Financial president and CEO Don Civgin said that the aim of the company is to enable its customers to decide their insurance needs and which policy is right for them.

The new insurance product guarantees customers to receive the death benefit until the premiums are paid.

For the policy, premium payments may decrease and may not be required under certain conditions, but will never increase.

The policy also allows customers to earn more potential value through excess credits, which can be used to buy paid-up additions, reduce premium payments, offer cash back, accumulate at interest, or pay down policy debt.

Initially, the product will be distributed across 47 states in the country.

Serving nearly 16 million households through its Allstate, Encompass, Esurance and Answer Financial and Allstate Financial business segment, the company offers auto, home, life and retirement insurance products.