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Allstate Life Insurance stands out among many companies because of its solid financial stability and reliability in paying claims.
Overview of Allstate Life Insurance
- Premiums Written: $45.8 billion
- Position: 4th largest insurer
- Financial Strength: A+ Superior (A.M. Best)
- Year Founded: 1931
- Coverage: Nationwide
- Households Serviced: 16 million
- HQ: Northbrook, IL
- Contact: 1-800-255-7828
Take the first step and get a free quote with Allstate today.
About Allstate
Allstate started small but has significantly expanded its operations. Now, its services include insurance and retirement solutions for over 16 million households. Beyond life insurance, Allstate also offers various types of insurance such as home, auto, motorcycle, business, and more. The company constantly innovates to benefit its customers, whether by providing better protection or saving costs.
Allstate’s Financial Stability
Allstate is highly rated by major insurance rating agencies due to its financial robustness and reliable claim payments:
- A+ from A.M. Best
- A+ from Standard & Poor’s
- A1 from Moody’s
Even though it’s not accredited by the Better Business Bureau (BBB), Allstate holds an A+ rating from them.
Life Insurance Products
Allstate provides different types of life insurance, which allows customers to choose what’s best suited for their needs.
Term and Permanent Life Insurance
Allstate offers both term and permanent insurance. Term insurance is more affordable but only provides death benefit coverage, while permanent life insurance provides long-term coverage and builds tax-deferred cash value.
Term Life Insurance:
- Basic Term Life Insurance: Offers 15 years of coverage with premiums and coverage amounts remaining level. Coverage ranges from $100,000 to $50,000,000, and no medical exam is required, just a few health questions.
- TrueFit Term Life Insurance: Provides 10 or 30 years of coverage and is adaptable to meet changing needs. Premium adjustments and additional riders are available.
Permanent Life Insurance:
- Whole Life Insurance: Guarantees coverage for the insured’s lifetime, with fixed premiums and death benefits. The cash value grows at an interest rate set by the company.
- Universal Life Insurance: Offers flexible premium payments that can be allocated between the death benefit and cash value component.
- Variable Life Insurance: Permanent life insurance where the cash value investment is tied to equity markets, which can offer higher growth but comes with more risk.
Other Coverage Products
Besides life insurance, Allstate provides:
- Auto
- Home
- Renter
- Condo
- Motorcycle
- Business
- Boat
- Motorhome
- Snowmobile
- ATV
- Pet
- Event
- Landlord insurance
- Supplemental and health coverage
Allstate also offers retirement planning, investments, and roadside assistance.
Comparing Allstate
When comparing Allstate with Haven Life and Met Life:
| Company | Best For | J.D. Power Score | A.M. Best Rating |
|---|---|---|---|
| Allstate | Claims Paid | 853 | A+ |
| Haven Life | Quick Coverage | 780 | A++ |
| Met Life | Variety | 786 | A+ |
Keep in mind that Haven Life only offers term life insurance.
History
Founded over 85 years ago by General Robert E. Wood of Sears, Roebuck, and Company, Allstate aimed to improve the auto insurance market with better rates for safer drivers. Over time, it has made several meaningful contributions to the insurance industry, such as training women as agents during WWII and fostering stronger agent-customer relationships by having agents live in their communities.
Conclusion
For finding the best life insurance, it’s beneficial to work with a company that offers various options. Comparing policies, benefits, and premiums across carriers is essential before making a decision. We can help you find the right insurance match. Just fill out the form on this page to get started.
Review Process
Good Financial Cents reviews US insurance companies based on policy offerings, customer experiences, and reliability. We aim for an unbiased perspective, factoring in both company-provided information and customer feedback. Our comprehensive evaluations result in star ratings from one to five. For more details, check our editorial guidelines and disclaimer.
Allstate Life Insurance Review
Product: Allstate
Description: One of America’s leading insurers, offering a wide range of products. It has a strong financial foundation and innovative tools for customer satisfaction.
Summary of Allstate
Founded over 90 years ago and originally part of Sears, Roebuck, and Co., Allstate now operates independently, serving millions across the US. They offer not only traditional insurance products but also services like roadside assistance and identity protection. Known for its strong financial base and customer-focused technology, Allstate remains a top choice for consumers.
Rating Breakdown
Pros:
- Diverse product range
- High financial ratings
- Innovative digital tools
- Nationwide personal service through local agents
Cons:
- Higher premiums than some competitors
- Some claims processing delays
- Unclear rate increases
- Aggressive upselling by agents
Overall: 3 stars
