Allstate Life Insurance Review

Check out Allstate Life Insurance Review by Life Insurance Grades to know more about their offers!

Allstate, the nation’s leading personal lines insurer, provides financial security and a portfolio of life insurance products that may be customized to meet your specific needs. These include a no-exam policy and a flexible term life insurance policy that provides for coverage in one-year increments, which is uncommon. While its rates are higher, it gives direct access to its network of agents situated in every state in the United States. However, if you are a senior, a smoker, or have a serious health problem, it may be worthwhile to shop around for a more competitive rate.

Allstate stated in January 2021 that it will sell its life insurance business to Blackstone in the second half of the year, excluding the New York branch. Allstate has not yet stated what this means for existing or future policyholders. We’ll continue to update this evaluation when new information becomes available.

Pros and Cons of Allstate Life Insurance

Allstate Life Insurance Review - Allstate Life Insurance Logo

Pros

  • Agent network throughout the country
  • Term lengths are adaptable
  • Policies prohibiting medical examinations
  • Discounts on Healthy Credits
  • Financially robust
  • Combine this policy with other Allstate plans.

Cons

  • Only claims made by telephone
  • There is no policy management application.
  • Premiums that are excessive
  • Prudent underwriting

What affects my rate with Allstate life insurance?

The premium you pay is based by your age, health, lifestyle, and profession. As is customary with most carriers, Allstate reserves its top prices, such as Preferred Elite, for individuals in better financial standing.

Its underwriting takes the following factors into account:

  • Tobacco use. To qualify for the highest rate class, you must demonstrate that you have not smoked tobacco in the preceding five years. Each month, Allstate authorizes two celebratory cigars.
  • Age. Premiums are often cheaper for young, healthy candidates.
  • Driving history. The insurance permits two moving offenses every three years and demands a five-year driving record free of DUIs and hazardous driving.
  • Occupation. Those who work in hazardous environments face higher rates.
    United States of America residency. The greatest prices are available to people who have resided in the United States for at least 12 months.
  • Alcohol and illicit substances. You must have never been treated for alcohol or drug abuse to qualify for the preferred rate.
  • Aviation. If you work for a US-based airline, you can still obtain a premium rate.
  • A dangerous way of life. Apart from scuba diving, Allstate wants to know whether you’ve taken up any dangerous hobbies in the last two years.
  • Health. Allstate is highly cautious in terms of building charts, cholesterol, blood pressure, and family history, particularly with regard to cardiovascular illness, stroke, or diabetes prior to the age of 60. Certain health disorders, including epilepsy, asthma, serious depression, and Crohn’s disease, are often not eligible for preferred rates.
  • Credits that are beneficial. This program awards lifestyle credits, which may help you achieve a higher rating class.
  • Additional insurance. If you combine your life insurance with one of Allstate’s other policy lines, you may qualify for a discounted rate.

How to get a quote from Allstate life insurance

Allstate is the only company that offers term life insurance quotes online. To obtain a quotation or to enroll in one of the company’s other life insurance products, contact 800-497-7970.

  1. To obtain a quotation for term life insurance, visit Allstate’s webpage and click on Get A Quote.
  2. Then click Get Started and input your ZIP code. Following that, you’ll be prompted with a number of questions about your name, date of birth, gender, address, and contact information.
  3. Following that, you’ll want to choose the quantity of coverage and the term length.
  4. Following that, you’ll be asked to provide personal information about your health and lifestyle. After each page of questions, click Next.
  5. After that, you’ll be given a quotation. If you are satisfied with the quote and wish to continue, click Finalize With Agent.

I got my quote from Allstate life insurance. What happens next?

You can request a call from an agent within 15 minutes or plan a call for a later time to finish your application, which takes around 20 minutes.

What types of life insurance coverage does Allstate offer?

Allstate offers a comprehensive selection of term and permanent life insurance products, including the following:

  • Term life insurance. Term life insurance is the simplest and most cost-effective type of policy, providing coverage for a period of 10 to 30 years. The insurer provides a 15-year no-exam policy as well as its unique TrueFit policy, which is a flexible alternative that allows you to purchase coverage in one-year increments. You have the option of renewing your insurance or converting to a permanent policy at the conclusion of the term.
  • Insurance on one’s entire life. A whole life insurance policy is the most fundamental type of life insurance since it never expires – as long as you continue to make your payments. Your premium will remain constant, and a portion of each premium is invested to provide a cash value for your insurance.
  • Life insurance that is universal. This insurance provides lifetime coverage and death payments and gradually converts into a cash asset. Universal life payments are not fixed in cash amounts; they are changeable, allowing you to tailor your payments to your own circumstances. Additionally, you can reduce or enhance your amount of coverage.
  • Universal life is variable. If you choose the FutureVest variable universal life insurance policy, your premiums are invested in the market. While it, like universal life, provides lifelong protection and grows financial value over time, it includes a more aggressive investing component. While the investment is professionally managed to maximize your gains, it does include risk, which is why Allstate offers this insurance exclusively via prospectus.

Does Allstate offer burial insurance?

No, Allstate does not sell burial insurance; however, your beneficiaries may utilize the death benefit from any other policy to pay for your funeral and burial expenses.

What riders can I add to my Allstate life insurance policy?

Depending on your policy and rate class, you may be able to add the following riders to your coverage:

  • Accelerated death benefits riders. To help alleviate the financial hardship associated with being diagnosed with a terminal disease, this provision allows you to withdraw up to 80% of the death benefit, up to a maximum of $250,000.
  • Rider for accidental death benefits. This provides an extra benefit to your beneficiary in the event of your death in an accident.
  • Rider with a child. This rider permits the addition of qualifying children to a policy with coverage ranging from $5,000 to $25,000.
  • Rider for disability income benefits. If you become handicapped, this rider increases the policy’s value by a monthly sum.
  • Liquidity of estate. Following your policy’s tenth and fifteenth years, you have a 60-day window during which an alternate surrender value is available.
  • Rider provides guaranteed insurability. This rider enables you to obtain supplementary insurance at certain periods without undergoing a medical examination.
  • Assurance of liquidity. If you elect this rider, you will get a percentage of premiums paid if the policy is surrendered on or after the insurance’s seventh anniversary.
  • Protection against overloads. When this rider is engaged, you can get loans and withdrawals (at interest) with the assurance that your insurance will not lapse.
  • Rider with a spouse. This rider permits you to add additional coverage for your spouse to your policy.
  • Rider for term insurance. For a certain number of years, this add-on raises the death benefit of permanent insurance.
  • Riders waive premiums. If you become fully incapacitated, this waives your premium payment.

Allstate life insurance reviews and complaints

Allstate receives an A+ rating from the Better Business Bureau (BBB) for its operations and customer satisfaction. Customer complaints include difficulties obtaining information about a life insurance policy for a deceased family member and low cash values after years of premium payments. However, like with anything, there are a few favorable reviews peppered throughout, praising the company’s excellent customer service and reasonable plans that were simple to obtain approval for.

For another life insurance review, visit our review of Allianz Life Insurance Review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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