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finder.com's rating: 3.5 / 5
★★★★★
As of January 2021, Allstate announced it’s selling the majority of the life insurance side of the company to Blackstone in the second half of the year, except for its New York division. Allstate hasn’t announced yet what this will mean for current or prospective policyholders.
18 to 80
Issue Age
$200,000 to $1,000,000
Coverage
Depends on age, health and/or amount of coverage
Medical Exam Required
Policies | Term, Whole, Universal, Variable |
---|---|
Coverage maximum | $1,000,000 |
Term lengths | 10 – 30 years |
Medical exam required | Depends on age, health and/or amount of coverage |
Available states | All 52 states |
Issue age | Not listed |
Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Disability income benefit rider Guaranteed insurability rider Spouse rider Term insurance rider Waiver-of-premium rider |
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Review by
Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.
As the largest personal lines insurer in America, Allstate offers financial stability, and its suite of life insurance policies can be customized to suit your needs. It offers a no-exam policy, as well as a very flexible term life policy, TrueFit, which is rare. And while its premiums are higher than other private insurers, it provides direct access to its network of agents, which are located in every US state.
Allstate does not disclose its cost structure online, but it does provide the following sample rates:
Your premium is determined by factors like your age, health, lifestyle and occupation. Like most providers, Allstate reserves its best rates, such as Preferred Elite, for those with more favorable circumstances.
Its underwriting considers:
You can only get a quote for term life insurance online with Allstate. To get a quote or sign up for its other life insurance policies, you’ll need to call 800-497-7970.
You can opt to have an agent call you within 15 minutes or schedule the call for a later time to complete your application, which takes about 20 minutes.
Allstate offers a full roster of term and permanent life insurance policies, many of which are flexible to cater to differing family needs.
The simplest and most cost-effective policy, term life offers coverage from 10 to 30 years. The premium stays the same for the duration of the policy. If you pass away while your policy is active, your beneficiaries will receive a guaranteed death benefit.
The firm offers two types of term life insurance.
At the end of the term, you can choose to renew your policy or convert to a permanent policy.
Once you build up enough cash value, you can access that money and take out loans against your own policy (for example, if you want to put a down payment on a house). When you die, your beneficiaries receive a death benefit as well as an added cash value benefit.
The company’s policies are Whole Life Tribute and Whole Life Advantage, which has an additional “excess credits” feature, similar to dividends. It may help you to add more cash value, or get cash back.
Allstate offers a suite of riders you can use to optimize your whole life policy.
Allstate has a few universal life insurance policies to choose from, and you can customize yours with the use of riders.
With the Indexed policy, the cash value is linked to market performance for greater investment potential.
You can tap into the cash value of your policy throughout your lifetime (with interest).
While the investment is professionally managed to boost your returns, it does come with risk — which is why Allstate only sells this policy by prospectus.
No. Allstate doesn’t sell burial insurance — but your beneficiaries are free to use the death benefit from any other policy to cover your funeral and burial costs.
Standard policies don’t always cover the unexpected hurdles life throws at you. To customize your coverage, look to Allstate’s list of riders:
Depending on your policy and rate class, you may be able to opt into the following:
The Better Business Bureau (BBB) gives Allstate a high rating for its operations and customer satisfaction. Negative customer reviews mention issues getting information on a life insurance policy for a deceased family member and low cash values after years of paying into the policy. But like anything else, there are a handful of positive reviews scattered in, citing the company’s great customer service and affordable policies that were easy to get approved for.
AM Best financial rating |
A+ |
BBB accredited | No |
BBB rating | A+ 1.19/5 out of 217 customer reviews |
Trustpilot score | 1.5/5 out of 73 customer reviews |
Customer reviews verified as of | 18 January 2021 |
Allstate collects your personal information in order to carry out requested products and services, respond to customer service requests, administer your account, and send you newsletters and other service-related information. Your data is not sold to anyone, nor is it shared with non-affiliated companies.
Allstate uses physical, technical and administrative security measures to safeguard your data.
Headquartered in Northbrook, Illinois, The Allstate Corporation was founded in 1931 as part of Sears, and has grown steadily since. It became a publicly traded company in 1993, and now has brick-and-mortar agencies and financial representatives in every US state.
It’s backed by strong financial ratings and holds almost $125 billion in assets. While it is best known for its auto insurance (comprising more than 9% of the market share), it has a strong presence in the life insurance market, with a long list of subsidiaries.
Thanks to its memorable slogan and sponsorship of college sports through the NCAA, Allstate’s brand awareness has a massive reach. Its market share matches its image: Allstate sells a slew of personal line policies as well as commercial and financial planning products. It’s a convenient choice for customers who want a one-stop-shop and the discount that comes with bundling.
The Allstate Foundation is committed to giving back to the community. It focuses its attention on four pillars: disaster relief and preparedness, youth empowerment, domestic violence and safe teen driving.
In addition to life insurance, Allstate also sells these products and services:
Life insurance is an investment in your family’s future, so if Allstate isn’t the best fit, compare providers and policies with our comprehensive guide to life insurance.
To file a claim, call the toll-free customer service line at 877-810-2920 or your local Allstate agency. In an effort to make the claims process as seamless as possible, the company asks you to obtain a certified copy of the death certificate and have the policy handy when you call.
Once the claim is approved, your agent will talk you through the options for receiving the death benefit.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.