Allstate Life Insurance Company Review

By - November 12, 2024
allstate

Well known for its auto and homeowners insurance, Allstate has been helping families since 1931.

Table of Contents

Is Allstate a Good Life Insurance Company?

Allstate is the largest publicly held personal lines insurer in the United States, with local agents everywhere.

We don’t offer this company but we wanted to provide you with comparisons to the best life insurance companies we offer.

Financial Strength

  • AM Best – “A+”
  • Moody’s – “Aa3”
  • S&P – “AA-“
  • Fitch – “A+”

Ratings as of – AM Best 06/2020, Moody’s – 01/2021, S&P – 06/2020, Fitch 03/2021 – ratings subject to change.

While Allstate is a large company, its life insurance business contributed just 4.4% ($1.34 billion) of its total revenue, according to its 2020 annual report.

Compare that to companies like New York Life or Mass Mutual to put it in perspective.

How Easy Is it to Get a Policy with Allstate

It seems like it’s pretty easy to get a policy, although a lot of info is requested upfront to get an online quote.

With local agents everywhere, you can contact them for quotes for life insurance or other personal lines of coverage.

You may qualify for some policies without having to take a paramed exam.

Are Allstate Policies Competitive?

Term life insurance, universal and whole life policies are available.

Term Life Insurance from Allstate

Two types of policies are available; the Basic Term and the TrueFit term policies.

  • Basic Term
    • Issue ages – 18-45
    • Face amounts available:
      • $50,000
      • $100,000
      • $150,000
    • Term Lengths – 15-year term only
    • Accelerated Benefit Rider for Terminal Illness
    • Conversion to Bridge UL policy in years 2-10.
    • Simple application over the phone
    • A paramedical exam may not be required depending on your answers

The non-medical life insurance offering doesn’t compare as several companies, such as Banner Life will consider $1 million in coverage.

John Hancock will consider up to $3 million.

  • TrueFit Term
    • Issue ages – 18-80
    • Term lengths – 10 to 30 years
    • Minimum Face Amounts
      • 18-45 – $200,000
      • 46 and older – $50,000
    • Riders:
      • Accelerated Benefit – Terminal Illness
      • Accidental Death Benefit
      • Additional Insured
      • Children’s Level Term
      • Primary Insured Term
      • Waiver of Premium
    • Conversion available

The conversion privilege is strict compared to some competitors – “Option to convert to a permanent policy until year 15, or the policy anniversary following age 65, whichever is earlier. Conversions not allowed in last two years of the level premium coverage period or after the level premium coverage period.”

Permanent Life Insurance from Allstate

Universal life insurance and whole life are available from Allstate.

Products available include:

  • Lifetime UL
  • FutureBuilder UL
  • FutureGrowth IUL
  • Bridge UL
  • Whole Life Tribute
  • Whole Life Advantage

It is important that you receive a full company illustration before you purchase any life insurance policy.

Other companies to consider for universal life include Corebridge Financial, Pacific Life, and if you are interested in index policies, North American has some great options.

Whenever you consider a whole life insurance policy, we think it’s a good idea to look at MassMutual and Guardian.

Does Allstate Provide Good Customer Service?

You may reach customer service at 800-366-1411

You will find policy information by logging in – here

Corporate headquarters is located at:

2775 Sanders Road – Northbrook, Illinois 60062

Final Words

Allstate has a good reputation for its local approach and home and auto insurance business.

Based on our experience working with clients, we are usually able to find more competitively priced policies from the carriers we offer.

When you request a quote from us, we’ll provide you with everything you need to compare your Allstate options.

Other Companies We Reviewed

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