Allstate Life Insurance Review
Allstate is among the titans of the insurance industry, with a wide range of products, a loyal customer following and secure financial ratings.
In this Allstate life insurance review, we explore Allstate life insurance policies, customer satisfaction reviews and more to help you as you shop for life insurance coverage.
Does Allstate Still Sell Life Insurance?
Allstate Life Insurance Company completed its official exit from the life insurance business with a 2021 sale to Blackstone Insurance Solutions.
However, you may still purchase life insurance through Allstate; the policy will be underwritten by a partnering company like Protective Life, Lincoln Financial or John Hancock rather than by Allstate directly.
What Are the Main Types of Life Insurance?
There are five main types of life insurance and four of them can be purchased through Allstate.
Term Life Insurance
Term life insurance offers temporary coverage designed to replace your income if you were to pass away during your earning years. Benefits can be used to pay for housing, childcare, college tuitions and other expenses that would otherwise be met by your working income.
Allstate term life insurance features tax-free death benefits, flexible policy lengths between 10 and 40 years and the option to convert the policy to permanent coverage in the future.
Universal Life Insurance
Universal life insurance is a permanent type of coverage that includes various cash accumulation options.
With Allstate, universal life insurance policies include death benefit protection, the ability to increase or decrease the amount of your benefits to fit changing needs and a cash value that can be tied to stock market index funds or a guaranteed annual return.
Whole Life Insurance
Whole life insurance is another type of permanent coverage that includes a fixed premium and death benefit.
Some of the features of Allstate’s whole life insurance policies include a death benefit that remains in place for as long as you make the premiums, a guaranteed cash value and the potential to earn dividends that may be taken as cash, used to reduce premiums or purchase additional coverage.
Variable Universal Life Insurance
Variable universal life insurance is a type of permanent life insurance that includes a variety of investment options as well as a flexible death benefit.
With Allstate, this means selecting from investment verticals similar to mutual funds with no limits on how much you can gain or lose.
Final Expense Life Insurance
Final expense life insurance is a small policy that is intended to cover funeral costs and other end-of-life expenses.
Allstate does not sell any final expense insurance, although a small term life policy may be used in its place.
Does Allstate Offer Any Life Insurance Riders?
A rider is an optional add-on to a life insurance policy that offers it some customization. With Allstate, beneficiaries can purchase various accelerated riders that provide an early payment of the death benefit to those with qualified health conditions or terminal illnesses.
How Much Does Allstate Life Insurance Cost?
Allstate only provides online quotes for term life insurance and advertises a sample rate of $15.09 per month for $250,000 worth of coverage on a 20-year policy.
How Is Allstate Life Insurance Rated?
Allstate maintains strong financial ratings with the leading credit agencies:
- M. Best: A+
- Fitch Ratings: A+
- S&P Global Ratings: A+
- Moody’s: A1
Allstate maintains an A+ Better Business Bureau rating as well as a Consumer Affairs rating of 3.85 stars out of five.