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Allstate life insurance review 2021
This big-name insurer has a full lineup of policies, but stay tuned for changes under new management.
finder.com's rating: 4 / 5
★★★★★
18 to 80
Issue Age
$200,000 to $1,000,000
Coverage
Depends on age, health and/or amount of coverage
Medical Exam Required
Details
| 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 |
Pros
- Nationwide network of agents
- Flexible term lengths
- No-medical exam policies
- Healthy Credits for discounts
- Financially strong
- Bundle with other Allstate policies
Cons
- Phone claims only
- No policy management app
- Expensive premiums
- Conservative underwriting
| 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 |
|---|
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
As the largest personal lines insurer in America, Allstate offers financial stability and a suite of life insurance policies can be customized to suit your needs. These include a no-exam policy, as well as a flexible term life policy that allows you to purchase coverage in one-year increments, which is rare.
While its premiums are on the higher side, it provides direct access to its network of agents, which are located in every US state. But if you’re a senior, smoker or have a major health condition, it may be worth comparing other insurers to make sure you’re getting the most competitive rate.
There have been changes to Allstate’s life insurance operations.
In January 2021, Allstate announced it’s selling its life insurance side of the company to Blackstone in the second half of the year, minus the New York division. Allstate hasn’t announced yet what this will mean for current or prospective policyholders, so stay tuned. We’ll update this review with more information as it becomes available.
Allstate life insurance rates
Allstate does not disclose its premiums online, but it does provide the following sample rates:
| Sample rate | |
|---|---|
| Term | $24.64 a month for 37 year old males in the Preferred Elite health class applying for $250,000 worth of coverage under the Allstate TrueFit plan for 20 years. |
| Whole | $271.03 a month for 37 year old males in the Preferred Elite health class applying for $250,000 worth of coverage under the Whole Life Advantage plan. |
| Universal | $181.36 a month for 37 year old males in the Preferred Elite health class a month and $250,000 worth of coverage of under the Allstate Lifetime UL plan. |
What affects my rate with Allstate life insurance?
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:
- Tobacco use. To reach the highest rate class, you have to prove you haven’t smoked tobacco in the past five years. Allstate allows two celebratory cigars per month.
- Age. Young, healthy applicants tend to pay lower premiums.
- Driving record. The insurer allows a maximum of two moving violations in three years, and requires a five-year record free of DUIs and reckless driving.
- Occupation. Those with dangerous jobs are subject to higher rates.
- US residency. The best rates apply to those who have been residing in the US for at least 12 months.
- Alcohol and drugs. For the preferred rate, you must have never been treated for alcohol or drug use.
- Aviation. You can still get a top rate if you work for a US-based airline.
- Hazardous lifestyle. Scuba diving aside, Allstate wants to see you haven’t taken on any hazardous hobbies in the past two years.
- Health. Allstate is quite conservative when it comes to build charts, cholesterol, blood pressure and family history, especially with cardiovascular disease, stroke or diabetes prior to age 60. Some health conditions, including epilepsy, asthma, major depression and Crohn’s, are usually excluded from preferred rates.
- Healthy Credits. This program allocates lifestyle credits, which may boost your rating class.
- Other insurance. If you bundle your life insurance with Allstate’s other policy lines, you may have access to a cheaper policy.
How to get a quote from Allstate life insurance
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.
- To get a quote for term life insurance, click on Get A Quote on Allstate’s homepage and select Life.
- Then enter your ZIP code and click Get Started. You’ll then be asked a series of questions, including name, date of birth, gender, address and contact info.
- Next it’s time to select the amount of coverage and length of term.
- Your next step is providing personal information about your health and lifestyle. Click Next after each page of questions.
- You’ll then be presented with a quote. If you’re happy with the quote and would like to proceed, click Finalize With Agent.
I got my quote from Allstate life insurance. What happens next?
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.
What types of life insurance coverage does Allstate offer?
Allstate offers a full roster of term and permanent life insurance policies, including:
- Term life insurance. The simplest and most cost-effective policy, term life offers coverage from 10 to 30 years. The insurer offers a no-exam policy lasting up to 15 years, and its signature TrueFit policy, a flexible option that allows you to buy coverage in one-year increments. At the end of the term, you can choose to renew your policy or convert to a permanent policy.
- Whole life insurance. A whole life policy is the most basic form of lifelong protection, and it never expires — as long as you make your payments. Your premium won’t change, and a portion of each premium is invested to give your policy a cash value.
- Universal life insurance. This policy provides lifetime coverage and death benefits, and becomes a cash asset over time. Universal life payments aren’t set at a dollar amount — they’re flexible, so you can adjust your payments to suit your situation. You can also decrease or increase your level of coverage.
- Variable universal life. If you go with the FutureVest VUL policy, your premiums are invested in the market. Like universal life, it offers lifelong protection and a cash value that accumulates over time, but it has a more aggressive investment component.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.
Does Allstate offer burial insurance?
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.
What riders can I add to my Allstate life insurance policy?
Depending on your policy and rate class, you may be able to customize your coverage with these riders:
- Accelerated death benefit rider. To reduce the financial burden of being diagnosed with a terminal illness, this allows you to access up to 80% of the death benefit up to $250,000.
- Accidental death benefit rider. This pays an additional amount to your beneficiary if you die in an accident.
- Child rider. This rider enables eligible children to be added to a policy, with coverage between $5,000 and $25,000.
- Disability income benefit rider. If you become disabled, this rider adds a monthly amount to the value of the policy.
- Estate liquidity. Following the 10th and 15th anniversary of your policy, you have a 60-day window where an alternative surrender value is available.
- Guaranteed insurability rider. This rider allows you to purchase additional insurance at specified dates without having to take a medical exam.
- Liquidity guarantee. When you opt into this rider, you’ll receive a percentage of paid premium dollars if the policy is surrendered on or after its 7th anniversary.
- Overloan protection. When this rider is activated, you can take out loans and withdrawals (with interest) knowing your policy won’t lapse.
- Spouse rider. This rider enables you to purchase additional insurance on your policy for your spouse.
- Term insurance rider. This add-on increases the death benefit of a permanent policy for a specified number of years.
- Waiver-of-premium rider. This waives your premium payment if you become completely disabled.
Allstate life insurance reviews and complaints
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 |
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