Well known for its auto and homeowners insurance, Allstate has been helping families since 1931.
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 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, their life insurance business contributed just 4.4% ($1.34 billion) of their total revenue according to their 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 just 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
- Great Western
- Corebridge Financial – A New Name for AIG Life and Retirement
- Mutual of Omaha Life Insurance Review 2022
- Primerica Life Insurance Review
- American General Life Insurance Company Review – 2022 Updates
- West Coast Life Insurance Company (Don’t Miss Your Last Chance)
- New York Life Insurance Company Review for 2022
- 2022 Prudential Life Insurance Review
- Illinois Mutual Life Insurance Review
- Cincinnati Life Insurance Review
Michael J. Horbal
Owner of RiskQuoter
Too many people overpay for life insurance because they end up with the wrong life insurance company, agent, or both. That’s why I started RiskQuoter – To help you get the best life insurance rates available.
As an independent insurance agent, I’m licensed in all 50 states and the District of Columbia and offer 40+ life insurance companies to ensure you get your best rate!
By Michael Horbal – updated on – 10/02/2022