Navigating the life insurance market can be tricky. Especially with so many options and life insurance companies to choose from. That’s why we are aiming to bring you this comprehensive All State life insurance review. You see, without having all this information at your fingertips, the decision is much less clear which company you should work with to provide you with your life insurance coverage.
That’s why we always aim to review as many life insurance companies as we possibly can or any life insurance company, we can gain access to the meat and potatoes about the company efficiently. Trust us, if we can get our hands on the full scoop and all the details, then we can adequately fill you in and help you make an informed decision about your life insurance.
This review will be no different. We will cover everything about Allstate Insurance Company that you could possibly ask for ranging from individual life insurance products offered, complaints about the company and the pros and cons of working with Allstate Life Insurance.
Let’s start diving into some of the secret sauce about All State Life Insurance company.
All About Allstate Life Insurance. Company History and more.
Allstate Life Insurance Company is currently one of the largest insurance providers in the United States. It’s not a mutual company, however. It’s a publicly traded and publicly held company and one of the biggest.
Allstate also has an operation in Canada. Allstate Insurance Company was founded in 1931 as part of Sears, Roebuck, and Co and was later spun off in 1993.
Allstate is currently headquartered in Northfield Township, Illinois near Northbrook. It’s held down this location since 1967 and sits presently number 79 on the Fortune 500 list.
Here are a few other fun facts about Allstate Insurance Company.
Allstate Insurance companies also operate with the following subsidiaries
Reading the history of how the company began just fascinated us over at Good Life Protection so we decided we would share with all of you readers.
On a train ride in 1930, Insurance salesman Carl Odell proposed to Robert Wood who was the Sears Chairman at the time that they should begin selling auto insurance direct to consumer in 1931 by sending out mailers. This ultimately was approved by the board of directors, and then it all started. Allstate Insurance Company was born.
Allstate did not go public until 1993.
Allstate Life Insurance Rating, Financial Strength Rating, and Allstate BBB Rating and Report.
Let’s dive into the juicy details about Allstate Life Insurance. I mean, it is what you’re here for.
Let’s look at the financial strength numbers first
Currently, Allstate is boasting the following financial strength ratings based on 3 of the 4 major independent rating agencies.
|Moody's||Standard and Poor's||A.M. Best|
These numbers show a little wiggle room to improve, but overall they are impressive ratings and show no signs of anything to worry about. Does this make Allstate Life Insurance the correct company for you? Not at all. You have hundreds of options, so it’s always imperative that you weigh all options before making “quick decisions” when purchasing life insurance.
The only way you can truly trust you have the correct policy and plan with the right company is by making sure you work an independent life insurance agent and agency that can present you with 50 plus options and have the policy tailored to fit your unique needs. Trust us. We know a thing or two. It’s what we do at Good Life Protection.
Back to the original task at hand. The financial strength ratings presented above are stable and overall is a safe, clean bet for anyone who is seeking life insurance in 2019.
Allstate BBB Rating
Allstate’s BBB rating is currently sitting at an A, and the rating was opened in 1993.
Currently, Allstate Life Insurance/ Insurance has 1525 total complaints against them, but it appears many have been resolved. This number does seem a little high to Good Life Protection and after further reading many of the complaints, it seems most fall into the Property and Casualty side of the business with claims not being honored or contested for various reasons.
Here’s a more in-depth look at the breakdown of the complaints filed against All State Life Insurance Company. These numbers are rounded and not exact figures.
Almost 600 of these have already been resolved in 2018, and it appears nothing is to overly significant or serious about the complaint filed from a bird’s eye view.
Although this isn’t good, keep in mind it’s always hard to know the entire story. Is Allstate giving customers that have been paying fits about filing claims? Perhaps. Is it possible some of these complaints were filed due to not understanding the insurance or fully reading the policy details? Also, very possible and it does happen, so what we like to point out is always consider both sides of the fence.
In addition, it’s very possible that these customers have legit complaints, but we can also tell you that through hundreds of these reviews, digging deep into companies and being an independent insurance agency, it’s virtually impossible not to displease someone at one point or another. It’s just a face paced world these days, and sometimes demands are tough for a company to meet.
At the same time, we recommend finding a company with possibly fewer complaints and more competitive pricing.
Speaking of the pricing, let’s talk about some of the products offered by Allstate Life Insurance Company and Review them in depth.
Allstate Life Insurance Reviews of All Products Offered.
Allstate currently offers the big three in the life insurance world. Term life insurance, universal life insurance, and whole life insurance. Nothing wrong with this lineup. In fact, it’s probably the lineup that about 85% of all life insurance companies currently offer. Let’s start by looking at the term life insurance product. You have two options with the term life insurance with Allstate Life Insurance. You can go with the Basic Term Life Insurance or the True Fit Term Life Insurance. Pretty catchy name for the second product option in our opinion.
Allstate Basic Term Life Insurance Review
Here’s a sneak peek at the basic term product with Allstate.
The basic term comes in the following durations options.
A nice bonus of the basic term product is that its no medical exam required product but the coverage is limited to
In our opinion that’s a bit too narrow of options since most life insurance companies such as Phoenix, Life Insurance Company offers the same no medical coverage for coverage amounts up to 400,000.00 and most likely at better rates.
Really the only upside to a policy like this would be the fact it’s with such a large trusted name and that you could get the coverage quickly for something such as divorce, and SBA loan agreement for a business loan or even for mortgage protection. News’s flash. Mortgage Protection is not a very good product. Term life insurance is typically the way to go if you must pick one or the other.
The additional upside to a product like this is the speed of approvals you can achieve. Typically, no exam life insurance can be approved with 3-5 business days if you don’t hit any hiccups along the way. Often times if you haven’t seen a physician lately and maybe have some minor health issues, a no exam life insurance policy can be a good fit, but overall, we recommend you look elsewhere for no exam life insurance.
TrueFit Term Life Insurance
This product is a bit different from the basic term life insurance plan that Allstate offers. It’s fully customizable and can be structured in several ways including one year (also known as annually renewable term life insurance). Allstate is also known to do a bit of the layering method of coverage. This can be good in bad.
Let’s discuss what layering coverage means before explaining when it’s good and when it’s terrible.
Layering life insurance coverage simply means stacking policies at different durations or lengths with different coverage amounts. This can be structured in this manner for several reasons. Sometimes you need 100,000 for 30 years to cover a mortgage but only need 30,000 in coverage in 10 years for other debts or obligations. In this situation instead of doing 1 policy for 30 years at something such as 150k, you could technically take 2 policies.
Usually, this will save you some money but not always and make sure you understand exactly what’s going on before deciding about your life insurance coverage. Outside of this layering technique, there is really nothing too flashy or special about this policy.
Let’s move onto the Universal Life insurance with all state insurance company
Allstate Universal Life Insurance
Understanding permanent insurance products with any company are crucial before purchasing. This is no different with Allstate. Allstate offers both Universal life and Whole life, and there are big differences between the two which we will cover for you now. Your welcome. Universal life is always considered the flexible option between the two. Universal will allow you to increase or decrease your death benefit and can also be flexible with the premiums if the budget happens to get a little tight.
It should be noted that it’s extremely important not to get to cozy with the flexibility of Universal Life because this can ultimately lead to a lapsed policy or the premiums increasing later down the road. Ask your agent to explain things in a manner that makes it clear to understand so you don’t get into a bind with your policy or premiums.
Another note on Universal Life.
Universal life is usually structured in a manner that has a cash value component in addition to the death benefit. This can be an excellent tax-advantaged savings for you down the road, but more often than not, term life insurance will get the job done whether you use Allstate or not. The choice is ultimately yours.
Finally, we have the Whole Life
Here’s an excellent Allstate Whole Life Insurance Review.
Allstate whole life insurance is known as the Allstate Whole Life Advantage plan. The policy would last your entire life assuming you always pay your premiums and your death benefit will never change. With Allstate, they offer something known as “excess credits” which is what allows you to build additional cash value within the policy.
Allstate also offers Variable Universal Life Insurance
These policies are technically designed to last a lifetime but also have an element of flexibility within them as well and carry some risk by being invested inside-outside funds that are not directly tied to the life insurance company. The most common form of this that you see if the company is investing the funds into indexed funds that are basically indexing the performance and results of the SP 500.
Sometimes companies offer “floors” for an overall rate of returns so that you can’t lose money. If they do your often giving something in exchange for it such as potential gains so again, you need to have the options explained carefully by your life insurance agent, so you can have a clear understanding of exactly what you’re looking at before committing.
Most likely a better company exist for a variable universal life as well. Companies such as American National, Lincoln, and Mass Mutual are known to have top notch VUL (Variable Universal Life) options so weight all paths accordingly before tying yourself down.
Allstate also offers the following lines of insurance products
Now that we have covered all the life insurance products offered from Allstate, let’s decide and break down if they are best for you.
Pros of Working with Allstate Life Insurance Company
And then the bad news
Con’s of Working with Allstate Life Insurance Company
Allstate website and contact information
If we haven’t filled you in already, we are not Allstate Life Insurance. We are simply an independent rating agency with no direct ties and no goals but to bring you the truth about all life insurance companies. If you’re trying to reach Allstate directly, you can visit www.allstate.com or give them a call by calling 1-800-255-7828
Is it Allstate the right company right for you? Are you in Good Hands?
Hopefully, we were able to help you along your journey in finding the best life insurance company you can for you and your family’s life insurance and financial security for the future. Picking life insurance can be tough, but it doesn’t have to be.
Let us help. It’s what we do and what we enjoy. Always feel free to give us a call, fill out a quote form to the right or drop a comment if you think we need to add anything to our review or if you have an experiencing working with Allstate Life Insurance. Good or bad. We like to give the consumer all the information so always let us know and share with the rest of the Good Life Protection Community.
In summary, we think Allstate is an excellent reputable Insurance option, but other great options exist and are most likely cheaper with more robust features and convenience. Speak to an independent life insurance agent for the best results and as always thanks for stopping by, we appreciate you.
Until Next time.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.