Allstate Life Insurance Company Review

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If you already have other insurance products with Allstate, adding life insurance into the mix can be a simple solution, though you will likely pay higher premiums than you would elsewhere.

A.M. Best

A+

BBB

A+

Standard & Poor’s

A+

The Good

  • Financial security
  • Additional products
  • Versatile policy options
  • Brand recognition
  • Non-med policies

The Bad

  • Agent interaction required
  • Strict high-risk underwriting

Product Availability

Policy Types
  • Term
  • Universal
  • Variable
  • Whole
Riders
  • Accelerated death benefit
  • Accidental death benefit
  • Automatic premium loan provision
  • Children’s term
  • Guaranteed insurability
  • Term
  • Waiver of premium

Review Breakdown

Overall

4.1

Price/Value

3.8

Financial Strength

3.1

User Experience

4.0

Product Availability

2.5

Brand/Size

4.6

Price/Value

Cost is a key factor when it comes to choosing a life insurance company.

What you pay for the same amount of coverage could look quite different from one company to the next.

Each life insurance provider uses the criteria below to determine your risk and set your rates, using their own scale:

  • Age
  • Sex
  • Medical conditions
  • Family health history
  • Hobbies and occupation
  • Type and amount of coverage

In general, Allstate’s rates are not the lowest among their competitors; however, they aren’t the highest, either.

If you’re young and healthy, you can find reasonably priced coverage from Allstate. In fact, you may benefit from healthy credits that reward your lifestyle choices with lower rates.

Unfortunately, individuals with adverse health conditions will find that Allstate’s underwriting is very conservative.

If you have a condition like heart disease, high cholesterol, or high blood pressure, or you have a poor family health history, Allstate probably isn’t your best bet.

Whatever the state of your health, you may be able to save on your policy if you bundle it with Allstate’s other lines of insurance.

Financial Strength

Cost isn’t the only consideration that you should factor into your choice of insurer. You also need to pick a company that is solvent.

Allstate Life Insurance Company is a highly rated entity, not by one, but three of the most reputable credit rating agencies.

These agencies assess individual life insurance companies’ ability to uphold their financial commitments, like paying out policies as promised.

A.M. BestA+
Moody’sA1
Standard & Poor’sA+

That positive outlook is accompanied by strong financial performance, as Allstate has close to $125 billion in assets.

In other words, you’re in good hands entrusting Allstate with your life insurance as they’re stable and well-equipped to pay out your policy.

User Experience

A life insurance company should also provide you with an exceptional user experience, simplifying life insurance every step of the way.

To assess Allstate’s user experience, we evaluated factors such as the company’s website, application process, and ratings.

Though Allstate isn’t rated by J.D. Power, a helpful metric for evaluating user experience, it does have an “A+” from the Better Business Bureau.

This rating is an indicator of Allstate’s commitment to customer relations, its history, and its financial practices.

Website

Allstate’s website is informative, transparent, and easy to navigate.

You can easily access information on the company’s values, community involvement, and their financial performance.

Life insurance shoppers can also access tools like:

  • Policy comparison
  • Sample rates
  • Calculator
  • Online quotes

Policyholders may find Allstate’s website less helpful as most policy changes require you to contact a local agent.

Likewise, claims cannot be filed online. Instead, beneficiaries must visit an agent, start the claims process over the phone, or initiate the process by emailing in a claims form.

Application

Allstate’s application process is simple and straightforward.

The advantage of working directly with an agent is getting a streamlined application process guided by an expert.

You can kickstart the application online using Allstate’s quoting tool. There, you’ll answer basic questions about your overall health, lifestyle, and coverage needs.

If you like the quote you’re given, you can opt to be contacted by an agent to finalize the policy.

Depending on your risk factors and the amount of coverage you request, you could be able to get a no exam life insurance plan, where the medical exam is waived.

Applicants with higher risk and those looking to secure larger policies will likely need to submit to an exam, which can be scheduled quickly at your convenience.

Product Availability

Allstate is unmatched in the scope of insurance products it offers, making it one of the top life insurance companies providing solutions to the most common insurance needs in American households.

Underneath the life insurance umbrella, Allstate offers four different types of coverage for different occasions, which we’ll unpack below.

Term

Allstate’s term life insurance might be the right call for those looking for shorter-term coverage options, with their Truefit® policies.

These policies come in any term length of your choice between 10 to 30 years, like 14 or 27, allowing you to tailor the policy to your exact needs.

Allstate’s term life coverage can also be converted into permanent coverage down the road.

Allstate offers term life quotes ranging from $200,000 of coverage to $1 million.

Universal

Next is Allstate’s slightly more permanent and flexible option, universal coverage.

This option comes with adjustable premiums and the potential for lifelong coverage.

Universal coverage offers a death benefit as well as a cash value account, which accrues interest and can be borrowed from.

You can choose between a set interest rate with the Lifetime UL® product and indexed investing.

Variable Universal

Another option offering a tax-free death benefit, lifelong coverage, and a rewarding cash value is variable universal coverage.

For anyone looking to dabble in growing some cash inside their policy as well, these variable universal life products are available through a registered representative.

With Allstate, you can build up your investment portfolio with over 30 funds to choose from for the cash value of your policy.

Whole

Allstate’s Whole Life Advantage® offers permanent guaranteed coverage to policyholders.

Rather than choosing from a series of investment options for your cash value component, it grows on a predetermined schedule, so you have a clear idea of what to expect.

Whole life insurance is typically far more expensive than the other coverage types, and Allstate is no exception.

Brand/Size

1930 marked the year Carl Odell asked his friend and neighbor Robert Wood, the chairman general of Sears, about selling insurance.

Using the Sears name and brand of tires they had marketed since 1925, Allstate Insurance Company was born, with car insurance as its maiden product line.

Growing steadily over the years, Allstate began adding additional lines of insurance, starting with fire insurance in ’54, and home and life insurance just three years later.

Not long after, several more lines of insurance were added to Allstate’s lineup as the company continued its expansion.

Outside of insurance, Allstate tried its hand at selling motor vehicles, fire extinguishers, and even mopeds, none of which took off quite like insurance.

By the early 70s, the company realized what is was most proficient at and made its business model one that solely offered insurance.

Fast forward to 1991,  an important year in the company’s history, as it went public with the ticker symbol ALL, under which it is still offered on the New York Stock Exchange, or NYSE.

Allstate now offers an expansive lineup of insurance, including:

  • Auto
  • Home
  • Renters
  • Condo
  • Motorcycle
  • Business
  • Life
  • Boat
  • Motorhome
  • ATV
  • Pet
  • and more…

Allstate also offers retirement and investment planning advice and products for anyone looking to grow assets for themselves or their businesses.

Today, the company has over 70,000 employees altogether, assisting more than 16 million homes across the nation.

Philanthropy

With its success, Allstate has maintained a strong commitment to ethical business practices and giving back to the communities it serves over the years.

They also have programs promoting youth mentoring and education, safe driving, and advocacy and financial support for victims of domestic abuse.

The Allstate Foundation donates millions of dollars each year to reputable organizations in the focus areas above.

From 2014 to present, the Foundation has raised $10 million for nonprofits dedicated to combatting domestic abuse alone.

Accolades

Allstate is also a frequent award winner, often hailed for its military support, and diversity in the workplace.

In recent years, the company has been named:

  • Best 100 Companies for Working Mothers
  • America’s Most Admired Company by Fortune Magazine
  • Top 50 pick for Diversity

With additional awards for innovation and technology, Allstate is ahead of the game and in front of their consumers and clients.

Brand Recognition

Few companies have as much brand awareness as Allstate, the “good hands company.”

Allstate’s impressive marketing has produced some of the most memorable commercials on television.

The company is a major sponsor of college football and an international soccer supporter as well.

Allstate also has a massive social media following on platforms like:

  • Facebook
  • Twitter
  • Instagram
  • Youtube

The company shares resources, inspirational highlights, and philanthropic updates, as well as interacting with the public.

Consensus

As you explore life insurance companies, you should take multiple opinions into account.

We’ve surveyed numerous online reviews from authoritative sources to determine the overall consensus surrounding Allstate.

Allstate doesn’t always make the cut as one of the best life insurance companies, likely due to the lack of competitive pricing for the average applicant.

Other no exam life insurance companies will get you more for less; nevertheless, Allstate is a name you can trust for your life insurance needs.

There is a strong consensus around Allstate’s financial strength, customer experience, and brand.

With a strong market presence and a history of keeping its promises, it’s no wonder Allstate continues to use the phrase “In Good Hands.”

Allstate Life Insurance Company Review

Phone
(877) 810-2920
Address
3075 Sanders Road
Northbrook, IL 60062

Company Name (and subsidiaries)

  • Allstate Corporation
  • Allstate Property and Casualty Insurance Company
  • Allstate Life Insurance Company of New York
  • American Heritage Life Insurance Company

Author:

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.