Allstate Life Insurance Review – You May Want to Shop Elsewhere

Allstate is a trusted name in auto and home insurance. But things have changed when it comes to life insurance.

This guide reviews the company, its life insurance products, and underwriting.

In 2021, Allstate sold its life and annuity business—including Allstate Life Insurance Company and Allstate Assurance Company—to a private equity-backed firm called Everlake US Holdings, managed by Blackstone. These companies are now known as:

• Everlake Life Insurance Company (formerly Allstate Life)
• Everlake Assurance Company (formerly Allstate Assurance)

If you bought life insurance from Allstate, your policy is now serviced by Everlake, not Allstate.

That said, we still see people shopping for “Allstate life insurance” today, so this guide breaks down how Allstate’s life insurance worked, what’s changed, and better alternatives you should consider.

The following ratings apply to Allstate, but not your life insurance policies because those were sold to Everlake Life Insurance Company.

• As of 2024, Allstate had the following strength ratings:
  • AM Best – “A+”
  • Moody’s – “A3”
  • Fitch – “A”

Your life insurance policies are covered by Everlake’s AM Best rating, which was downgraded in 2024 from “A+” to “A.”

When Allstate sold life insurance, it was more for convenience than anything else. Allstate agents focus on home and auto insurance. If you had a health issue, they would use Lincoln Benefit Life Insurance Company (another company dismantled by Allstate).

No, but if you visit their website, they have a link for term life insurance sold by Protective Life Insurance Company, not Allstate.

We offer Protective Life and 40+ other companies to match you with the best companies based on your unique needs.

You don’t have to do anything with your Allstate term life policy, but you should know a few things. Allstate offered two term policies – the Basic Term and the TrueFit term policies.

If you have one of these policies that still serves your needs, you don’t need to do anything.

When Should You Consider a Change?

• New Term Policy – You know you will still need life insurance when your term ends.
• Health Changes – If you’ve developed a serious medical condition, it may be beneficial to shop now for a long-term replacement.
• Conversion Privilege – You have a limited time to convert your term to a universal or whole life policy without undergoing medical underwriting.

Conversion Limitations – The option to convert to a permanent policy is available until year 15, or the policy anniversary following age 65, whichever is earlier. Conversions are not allowed in the last two years of the level premium coverage period or after the level premium coverage period.

Check your policy today so you don’t miss out.

Products that were sold include:

Important Tip: You must request an “in-force illustration” each year from Everlake. This is different from the annual statement you receive.

The illustration shows how the policy performs and whether it will last as long as you thought when you purchased it.

When considering a change, permanent life insurance policies are a little more complicated than a term life policy. Things to consider include:

• Policy Performance – How is the policy performing compared to the original illustration?
• Premium Increases – Has the insurance company raised your premium?
• Surrender Value – Does your policy still have a surrender charge? (usually 10-15 years)
• 1035 Exchange – If it makes sense, you can do a tax-free exchange to a new policy.
• Policy Surrender – Does it make sense to keep your current policy, or is it already doomed?
• Life Settlement – You may be able to sell your policy.
• Policy Loans – Do you have a loan on your policy? We have companies that will accept it.

MassMutual and Guardian dominate dividend performance and policy value for a whole life insurance policy.

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

Allstate was in the middle of the road regarding life insurance underwriting. It is not known for high-risk life insurance or any particular underwriting niches.

Allstate owns Lincoln Benefit Life Insurance Company, but this company no longer offers coverage.

You may reach customer service at 800-366-1411

You will find policy information by logging in – here

The corporate headquarters is located at:

2775 Sanders Road – Northbrook, Illinois 60062

Allstate was never a top-tier life insurer in terms of pricing, flexibility, or product design, and now that it has exited the market, there’s no reason to shop through it.

We work with top-rated companies that specialize in life insurance. That means:

• Better rates
• Easier approvals
• More options for your needs

Request a quote today, and we’ll show you how Allstate (or Everlake) compares to the best in the business.