Few companies have so much brand awareness as Allstate, the “good hands company“. It also is unmatched in scope of insurance product types offered, making it one of the top life insurance companies to also find a majority of the solutions for the most common needs within the American households.
But, is Allstate really the best option for your life insurance? In this Allstate Life Insurance Company review, we’ll break down the history of the carrier, their products (especially their life insurance products), and any other unbiased information we can. Our goal is to help you choose the right life insurance company and the best life insurance product for you and your family, no matter the company.
As we always recommend, hopefully you’ll take the time to review your coverage options from several carriers before making any decisions. This is our Allstate review.
Our Allstate Life Insurance Company Review For 2017
1930 marked the year Carl Odell had the idea to ask his friend and neighbor, Robert Wood, the chairman general of Sears at the time, about selling insurance. Using the Sears name and brand of tires they had marketed since 1925, Allstate Insurance Company was born where car insurance was its maiden product line.
Growing steadily over the years, Allstate began adding additional lines of insurance, starting with fire in ’54, and home as well as life 3 years later. Not long after, several more lines of insurance were added as the company continued its growth. Even outside of insurance, Allstate tried motor vehicles, fire extinguishers and even mopeds, none of which took off.
By the early 70’s, the company realized what is was most proficient at, and made its sole business model to offer insurance. 1991 was an important year in the company’s history, as it went public with the ticker symbol ALL where it is still offered on the New York Stock Exchange, or NYSE.
The Financials
Allstate Life Insurance Company is a highly rated entity, not by one, but by three of the most reputable rating agencies. It has secured an “A+” from A.M. Best, an A1 from Moody’s, and also an “A+” from Standard & Poor’s, distinguishing itself as an excellent company to do business with. These ratings are also accompanied with a positive outlook.
With almost $125 billion in assets, its able to employ over 70,000 employees altogether, assisting more than 16 million homes across the nation.
Allstate is also a large sponsor throughout the NCAA, sponsoring both college football and basketball, as well as sponsoring soccer worldwide. They also provide support for the military and veterans, both within the company as well as mentorships outside of it. They continue to focus on supporting locals within their respective communities, aiding victims of domestic violence, and promoting safer roads through driving education.
Product Lines
Allstate has several different lines of insurance. Among them:
- Auto
- Home
- Renters
- Condo
- Motorcycle
- Business
- Life
- Boat
- Motorhome
- Snowmobile
- ATV
- Pet
- and more…
Of course, we want to focus mostly on the life insurance side of things.
Underneath the life insurance umbrella, Allstate offers different types for different occasions. There are term life insurance types for those looking for shorter term coverage options, and universal life insurance for anyone looking for something more permanent and flexible. It even offers whole life, which not many life insurance companies offer.
For anyone looking to dabble in growing some cash aside their policy as well, variable universal life products are available through a registered representative.
Term Life Through Allstate
There are two options within the term life category through the Allstate Life Insurance Company:
- Basic Term Life
- TrueFit Term Life
The Basic Term Life plan is, well, as basic as it gets, just as the name implies. It’s got three options to choose from; a $50,000, a $100,000, and finally a $150,000 death benefit contract. It is a no exam life insurance plan, so the medical is waived. Of course, your final eligibility and premiums are based on your ability to qualify through the health questionnaire.
The duration is set to 15 years.
The TrueFit Term Life plan is a little more robust. Exclusively sold by an Allstate agent, it’s been created to take a stab at solving the ever changing need of the typical person, and auto-laddering policies all within the same contract.
In other words, your plan starts with a death benefit which, over time, drops down as life obligations fall away. It sports the ability for the applicant to select a range of durations, anywhere from 10 to 30 years. Expect a full underwriting process, including the medical.
Allstate’s Permanent Life Options
As mentioned above, there are both universal (as well as variable universal) and whole life insurance policies from Allstate. Both aim to give you a death benefit you can’t outlive, though they have slight differences.
- The Universal is slightly more flexible, but offers less guarantees.
- The Whole offers more guarantees, like minimum growth and guaranteed minimums, but comes at a higher cost.
- Variable Universal life is the last of the bunch, where there is extra growth potential within a Universal plan.
Other Awards and Recognition
Allstate isn’t short on being recognized in and out of the industry, with accolades such as Best 100 Companies for Working Mothers, America’s Most Admired Company by Fortune Magazine, a Top 50 pick for Diversity, and many different awards for minorities. It also boasts a couple acknowledgements for innovation and leading technology in the industry, which keeps Allstate ahead of the game and in front of their consumers and clients.
If this wasn’t enough, Allstate and its other divisions offer more than insurance, including retirement and investment planning advice and products for anyone looking to grow assets for themselves or their businesses. With a strong market presence and a history of keeping its promises, its no wonder Allstate continues to use the phrase “In Good Hands.”
Our Thoughts on Allstate Life Insurance
If you already have your other insurances with Allstate, it may be the simplest to just add your life insurance right into the mix, though you will likely pay slightly higher than other private insurers, especially if you’re considering the Basic Term plan. Other no exam life insurance companies will get you more for less.
However, if the TrueFit Term sounds like it could help to simplify your long term coverage goals, it is no doubt a creative way to ‘bundle’ several needs into one plan.
In reference to the permanent plans, Allstate is mildly competitive with New York Life, Northwestern, and Mutual of Omaha, though you’ll want to compare illustrations to see which of the companies expects the greatest growth, all things considered.
In any case, you can rest assured you are safe with Allstate.
Company Summary
| Company Name (and Subsidiaries) | Allstate Corporation Allstate Life Insurance CompanyAllstate Property and Casualty Insurance Company Allstate Life Insurance Company of New York American Heritage Life Insurance Company |
| Company Ratings | A.M. Best (A+) Fitch (n/a) Moody’s Investors Services (A1) Standard & Poor’s (A+) Comdex (86) |
| Headquarters (Address, Phone, Web) | 2775 Sanders Road Northbrook, IL 60062 (847) 402-5000 Web: www.allstate.com |
| Policy Types Available | Term Universal Variable Universal Whole |