Allstate Life Insurance Company Review: Overview, Facts, Features, Plans, Pros and Cons

Allstate Life Insurance Company Review: Overview, Facts, Features, Plans, Pros and Cons

While numerous companies provide life insurance, they are not all equal in terms of financial health and stability and their reputation for paying out policyholder claims. Allstate Life Insurance has a good reputation for being financially stable and paying out claims on time.

Allstate Company information

Allstate has progressed significantly since its early beginnings. Over 16 million households in the United States benefit from the company's best-in-class products and services, which provide both insurance protection and retirement solutions. Allstate also offers home, renter, condo, auto, motorcycle, business, boat, RV, snowmobile, ATV, pet, event, landlord, supplemental insurance, and life insurance. Overall, Allstate Insurance Company is constantly innovating, mainly for the benefit of its consumers, whether it means assisting them in protecting their loved ones or simply saving money.

Allstate financial strength 

Allstate Insurance Company has received very high ratings from insurer rating agencies due to its excellent financial standing and dedication to paying out timely customer claims. The following are some of them:
  • A+ from A.M. Best
  • A+ from Standard & Poor's
  • A1 from Moody's Investor Services
Furthermore, although Allstate Insurance Company is not yet a recognized member of the Better Business Bureau (BBB), the BBB has given it an A+ rating (A+ to F) scale.

Allstate life insurance products 

Allstate Life Insurance Company provides a variety of life insurance protection options. Customers benefit from this since their coverage requirements can be accurately matched to available goods.

Term and permanent life insurance protection

The company offers both term and permanent life insurance, giving policyholders the option of choosing between more economical coverage with either a death benefit or a long-term permanent policy with a tax-deferred cash value that grows over time.

Primary term life insurance options

Allstate Life Insurance Company offers the following major term life insurance options:
  • Basic Term Life Insurance Policy
  • TrueFit Term Life Insurance

Basic Term Life Insurance 

An insured can be covered for 15 years with Basic insurance (provided that the premium continues to be paid). The premium will remain constant during that period, as will the coverage amount. There are various different coverage options available, including $100,000, $150,000, and $250,000. One of the good features of this insurance is that the underwriting and approval process does not need the applicant for coverage to undergo a medical checkup. This means that someone with certain types of negative health issues may nevertheless be eligible for approval. However, the application does include certain health-related questions. This policy can be approved and issued fast because there are no big medical exams to deal with. The insurance underwriters will not have to spend a lot of time evaluating medical testing. With that in mind, someone who may require life insurance coverage shortly might wish to examine this plan.

TrueFit Term Life Insurance

Individuals can choose between 30 and 10 years of term life coverage with TrueFit Term Life Insurance. This plan can "grow" with the insured because it provides several layers of protection when they are needed. Furthermore, when the insured's demands change over time, this policy's premium may be adjusted to a lower price. The TrueFit Term Life Insurance policy also has several riders that may be added to tailor the coverage to the individual's needs.

Permanent Life Insurance

Permanent life insurance is also available from Allstate Life Insurance Company. These insurance provide both death benefit protection and the option to accumulate cash value within the policy. The cash in the cash value component can grow and expand tax-deferred. This means that until and until the growth is withdrawn, no taxes will be required. There are numerous types of permanent life insurance available on the market. Whole life and universal life insurance are both available from Allstate Life Insurance Company.

Whole Life Insurance

Whole-term life insurance provides coverage for the insured for the rest of his or her life, as long as the premium is paid. This sort of coverage guarantees the death benefit amount regardless of the insured's age or whether or not the insured develops a health problem – and the cash value will grow at a predetermined interest rate set by the insurance company.

Universal Life Insurance

Universal life insurance, often known as UL, provides both permanent life insurance and a cash value component. On the other hand, this coverage is thought to be more adaptable than whole life. This is because the insured can change the amount of premium that goes toward the death benefit and the amount that goes toward the cash value - within specified restrictions.

Variable Life Insurance

Variable life insurance is another type of insurance coverage given by Allstate Life Insurance Company. These policies are long-term in nature. The funds invested in the cash component of the policy, on the other hand, will earn a return depending on equity vehicles. In good, rising market conditions, the cash can expand significantly. However, it might be significantly riskier for the policyholder during market downturns. Other insurers, such as Gerber Life and Banner, use these frequently. When considering the purchase of a variable life insurance policy, an individual should carefully analyze their risk tolerance as well as the purpose of the coverage.

Other Coverage Products

Other types of life insurance coverage are available from Allstate. Find out which insurance provider is the best in each category by clicking the links below:
  1. Auto
  2. Home
  3. Renter Insurance
  4. Condo
  5. Motorcycle
  6. Business
  7. Boat
  8. Motorhome
  9. Snowmobile
  10. ATV
  11. Pet
  12. Event
  13. Landlord
  14. Supplemental and Health
  15. Additional products and services include retirement planning and investments and roadside help.

How does Allstate compare? 

How does Allstate stack up against other well-known insurance companies? A comparison and contrast between Allstate, Haven Life, and Met Life are provided in the table below.
Company Best For J.D. Power Score A.M. Best Rating
Allstate Insurance Claims Paid              N/A               A+
Haven Life Quick Coverage               751               A++
Met Life Variety of Policies               744               A+
  While all three businesses are highly compatible, it's worth noting that Haven Life only provides term life insurance. Check out the individual evaluations of Haven Life and Met Life for more information.

History Of Allstate

Allstate Insurance Company has been providing coverage to customers for over 85 years. "The good hand's people" has been the tagline of Allstate for many years. And the business lives up to its moniker. The corporation is based in Northbrook, Illinois, a Chicago suburb. General Robert E. Wood, who was also the Chairman of Sears, Roebuck, and Company, formed Allstate. This insurer's first purpose was to provide both service and quality to the auto insurance market. The insurer was able to create its own auto insurance premium classification system due to this. Those who were deemed to be safer drivers received lower automobile insurance premium rates due to this. Allstate has made additional critical changes over time to keep the industry in check and assist as many customers as possible. For example, many men were gone serving the country on military leave during World War I. As a result, Allstate Insurance Company began training women to become insurance brokers. This was a hugely successful strategy. Furthermore, Allstate was the first insurer to employ insurance agents who both live and work in their communities. On the other hand, this risky approach strengthened the link between agents and their clients.


It is usually advisable to engage with a company or an agency that has access to more than one life insurance provider when shopping for life insurance coverage to meet your individual needs. You will be able to compare policies, benefits, prices, and insurance carriers directly before making your decision. We can assist you if you are looking for life insurance. We work with several different life insurance companies and can help you select the one that is perfect for you. Simply fill out the form on this page when you are ready to proceed.   Allstate Life Insurance Company At A Glance
Premiums Written $59,185,000
Size 20th largest insurer
Financial Strength A+ Superior (A.M. Best)
Year Founded 1931
Coverage Area Nationwide
Households serviced 16 million
HQ Address 2775 Sanders Road, Suite A3, Northbrook, IL 60062
Phone Number 1-800-255-7828

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