Allstate Life Insurance Review 2023

If you have shortlisted Allstate to buy a life insurance policy, this article is a must-read. We created the most detailed Allstate life insurance review!

About the Company

Founded in 1931, Allstate has been serving for more than 89 years. The goal of Allstate Life Insurance Company is to provide cutting-edge policies. Allstate is one of the leading and biggest insurance companies in the U.S. It provides auto, homeowners insurance, and life insurance.   

The company has provided families in and across the country with the best life insurance policies and protection for generations. You can browse through the wide range of coverage options that they offer and get a customized policy as per your needs.

Allstate Corporation is headquartered in Northfield Township, Illinois, near Northbrook. The company has revenues worth $39.8 billion and ranks in the list for Fortune 500 companies.

How We Reviewed? 

To write a comprehensive Allstate life insurance review, we thoroughly assessed different types of coverage options and discounts offered by the company. We also examined the Allstate life insurance rating in order to determine the insurance provider’s financial strength and customer satisfaction rate.

Moreover, we assessed their website to see the quality of the information provided and their claim handling service. We have shared our findings in the review. Read on to learn about Allstate’s life insurance in detail.

Where Is It Available?

Allstate extends their policies to clients in all states. No matter which state you live in, you can opt for this insurance company.

Allstate Life Insurance Coverage Options

Allstate provides customers with a wide range of coverage, including the following:

• Term Life Insurance 

This is the lowest priced option available from Allstate. With the term life insurance policy, you can replace your income if you pass away before retirement and during your earning years. This money can also be used by your family to pay for housing, groceries, and childcare.

Moreover, it comes with a tax-free death benefit and has a flexible policy length of 5, 10, 20, and 30 years. In addition to this, buyers of the term life insurance can switch to longer-term protection by converting it to permanent insurance.

• Whole Life Insurance 

The whole life insurance policy provides a protection plan with fixed premiums. The amount of coverage that you buy in the beginning remains the same throughout your lifetime. Also, the money paid to your relations if you die is free from income tax.  

With this policy, you can be sure that your family will receive death benefits smoothly without any delay. It also comes with a guaranteed cash value. Thus, the policy savings component allows the cash value to increase regardless of the market conditions.

You can also earn excess credits on the whole life insurance policy. These credits can be earned in cash or accumulated at interest to buy additional life insurance.

• Universal Life Insurance 

This coverage provides lifelong coverage protecting the rest of your life along with building cash value. It is a permanent life insurance type that provides death benefit protection and expanded cash value. The death benefit protection doesn’t have a time limit if you continue to pay sufficient premiums.

In addition to this, Universal Life Insurance policies come with built-in flexibility to increase or decrease the death benefit as per your changing needs.

• Variable Universal Life Insurance 

The Variable Universal Life Insurance gives you a chance to invest while protecting your loved ones. With this policy, you have a variety of investment options and the freedom to invest wherever you want to. You can choose subaccounts like fixed accounts, mutual funds, and asset allocation programs easily accessible through withdrawals or cash value loans.

Apart from that, the variable universal life insurance gives you full market participation. This means that there are no limits on the amount of cash value that you can gain or lose.  Either way, it is essential to understand that your life insurance policy’s value largely depends on your subaccounts market performance.

Allstate Life Insurance Rates 

Allstate life insurance rates are affordable. Below is the pricing for the different plans:

• Term Life — Starts as low as $24.64 per month on a term of 20 years
• Whole Life — Starts as little as $136.68 per month
• Universal Life —Plans starts as low as $79.69 per month for $100,000

Allstate Life Insurance Discount Options

Although Allstate offers various discounts on homeowners and auto insurance policies, they don’t have any major discounts for life insurance. 

What we were able to find in terms of discounts offered on Allstate’s life insurance policies was a Multi-Policy Discount. It is designed to reward customer loyalty. You can qualify for this discount if you are bundling life insurance and auto insurance with Allstate. This way you can maximize your savings. 

Customer Satisfaction and Financial Strength Review

As Allstate is a well-reputed company, they have been rated by many financial agencies. Overall, the company has a strong financial standing. 

Allstate life insurance AM Best rating is A++. This is a superior rating, which is indicative of the company’s solid financial footing. If you buy a policy from Allstate, you can count on them paying off your claim smoothly and efficiently without any delay.  

Allstate life insurance is rated A+ by the Better Business Bureau (BBB). This rating is based on a total of thirteen different factors, including complaint volume. And let’s say A+ is possibly among the highest ratings from this agency. Furthermore, the rating is based on 1,375 closed complaints. This number of life insurance complaints is quite small for the size of Allstate. 

The company also got a 0.77 complaint index score by NAIC. This figure falls below average for complaints on the index. Moreover, their customer reviews show that the company has a high level of customer satisfaction.

So, overall we can say the company is both financially stable and offers good policies and customer service.

Platform	Rating
AM Best	A++
BBB	A+
Fitch	A-
S&P	A-
Moody’s	Aa3
NAIC complaint Index	0.77

 

Customer Support 

Overall, Allstate offers award-winning customer support services to all, including prospects, policyholders, and beneficiaries. You can contact them via call.  Allstate life insurance customer service number is 1-800-ALLSTATE (1-800-255-7828). Their team of friendly representatives is available at your service 24/7.

You can also contact their local agent through their website. Simply log on to their website and go to the contact page. On the page below is the option “Find a local agent for help”. Click on this option to search for the agent in your state or city through the Allstate directory. It is as easy as that.

Ease of Buying and Claims Handling 

There are two ways to shop for life insurance policies with Allstate. You can either work with their agent who will guide you through the process and help you with your policy selection or you can browse their website and shop for a life insurance policy online by yourself. They have all the information about their policies stated online, making it easy for the first-time policy buyer to shop for a policy. 

Once you have selected the amount and type of policy, you will need to complete an application form and a medical examination. The pricing of your policy will depend on your health and lifestyle. The better your results, the better will be your policy price. 

In the end, Allstate will provide you a personalized wellness report and a final policy plan. You can accept it or decline. The plan comes with a 30-day money-back guarantee.

When it comes to Allstate life insurance claims filing, the process is quite simple. Here are the steps to get started:

• Call Allstate life insurance agents at 1-800-366-3495.
• They will send you a form with detailed instructions. The beneficiary must fill in all the relevant details, sign it and submit it as soon as possible.
• Once the form is submitted, the agent will ask the beneficiary to submit a certified copy of the death certificate. Certified means that the document should either be original or stamped. The beneficiary can easily get a copy of the death certificate from the funeral director or the county’s vital records office. Please note, you must provide a copy and not the original certificate because the company will not return it.
• Additionally, you will be asked to provide some more documents to complete your claim. The claim will be processed within 5 business days after receiving the documents. Some claims may take longer, but that happens rarely.
• As soon as the claim is processed, the beneficiary can receive the payment via check or a deposit. If you want the payment to be in any other form, you can contact their service department to discuss your options.
• You can also file and track your claim via Allstate mobile app. All you have to do is download their application on your phone. For that, text ALLSTATEAPP to 25788 to get a link to download the app. Once downloaded, create your account and start tracking your claim on your phone right away.

Comparison With Competitors 

Here’s a comparison between Allstate life insurance and some of its major competitors on the market:

Allstate vs AAA Life Insurance

AAA Life Insurance Company is available in all states, accept New York. Allstate offers policies to clients nationwide. Also, to benefit from AAA life insurance policies, you need to become an AAA member first.

If we evaluate the company from a financial point of view, AAA is not as strong as Allstate. AAA has an ‘A’ rating by AM Best, while Allstate rating is A++. Overall, we can say that Allstate is a better option than AAA for life insurance.

Allstate vs State Farm Life Insurance

Likewise, if we compare State Farm with Allstate, we can see that State Farm provides limited service. They don’t offer coverage nationwide. The company is not licensed to sell policies in Massachusetts, New York, and Wisconsin.

Otherwise, in terms of financial strength, the companies are on par. AM Best has rated both Allstate and State Farm A++. Similarly, both companies lack good discounts and provide the same types of coverage options.