Allstate Life Insurance Company Review (2024)
Allstate's life insurance policies are diverse and seem to be competitively priced. Allstate is one of the only life insurance companies that offer 40-year terms. Allstate's term life insurance rates are competitive but are most affordable for older adults when compared to other industry competitors. A.M. Best rated Allstate very highly for financial strength but the NAIC Complaint Index suggests their customer service ratings need some improvement.
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Heidi Mertlich
Licensed Life Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
Licensed Life Insurance Agent
UPDATED: Mar 6, 2024
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- Allstate offers four different life insurance policy options
- Allstate’s term life insurance rates appear to be more competitive for older adults
- Allstate has strong financial strength ratings but a concerning number of customer complaints
If you are searching for the cheapest rates with the best life insurance companies, Allstate life insurance should be among your options. Allstate is an insurance powerhouse that offers an assortment of competitive insurance products.
There are many life insurance companies to choose from, which can make it challenging to decide which is best. Here, we will break down Allstate’s life insurance policies, rates, ratings, and more.
Keep reading to learn more about Allstate life insurance or enter your ZIP code above to get started with free quotes from the top life insurance companies in your area.
Allstate Life Insurance Products
Choosing the right life insurance product is an important first step regardless of the company you choose. There are quite a few different types of policies, four of which are offered by Allstate. These four options include:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
Not familiar with the different types of policies?
There are a few key differences between these different policies. For starters, term life insurance stands alone as it is the only policy option that only carries a death benefit and does not build cash value. Allstate Term 101 can offer coverage for 10-40 years. Most companies cap term lengths to 30 years.
Each of the other three options offers lifelong coverage and builds cash value. In essence, this is like another savings account that can grow and generate interest. Payment flexibility and interest accumulation can change between these three policy options.
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Allstate Life Insurance Rates
Choosing the right policy is always a good start, but it also needs to fall within your budget. All four of Allstate’s policies will likely cost a different amount on a monthly basis. If you simply want the lowest price each month, term life insurance will be your best bet.
Any life insurance policy that builds cash value will cost more month to month. Since you are building cash value and being offered a death benefit, these policies can be significantly more expensive. Not to mention, your rates will vary drastically depending on your age, coverage amount, and the amount of cash value you decide to invest.
These variables make it difficult to estimate the expenses associated with Allstate’s permanent life insurance policies. In fact, even Allstate’s website only offers a sample rate for its term life insurance option. Below, we’ll provide a sample of Allstate’s term life insurance rates.
Read more: Does Allstate offer cash value life insurance?
| Age | Male, Non-smoker | Male, Smoker | Female, Non-smoker | Female, Smoker |
|---|---|---|---|---|
| 25 | $20.00 | $43.00 | $17.00 | $34.00 |
| 30 | $20.00 | $45.00 | $18.00 | $37.00 |
| 35 | $22.00 | $53.00 | $19.00 | $45.00 |
| 40 | $30.00 | $78.00 | $24.00 | $65.00 |
| 45 | $37.00 | $120.00 | $31.00 | $92.00 |
| 50 | $53.00 | $172.00 | $39.00 | $125.00 |
| 55 | $78.00 | $261.00 | $56.00 | $176.00 |
| 60 | $130.00 | $507.00 | $92.00 | $292.00 |
Above, you can see how rates vary based on different variables such as age, gender, and smoking status. A death benefit of $250,000 is a reasonable amount for most people considering the average home costs more than $400,000, according to the Federal Reserve Economic Data.
That said, you could expect to pay anywhere between $17 a month and a whopping $507 a month for the same exact coverage. Keep in mind that every life insurance company treats pricing variables differently, so it is important to get quotes from multiple providers.
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Most people would not complain much about a life insurance payment of around $20 per month, but what if you could pay less? Everyone likes to save money. The table below compares Allstate’s life insurance rates to a handful of other industry competitors.
Allstate 20-year, $250,000 Term Life Insurance Rate Comparison for Male Non-smokers| Age | Allstate | John Hancock | MassMutual | Prudential | State Farm |
|---|---|---|---|---|---|
| 25 | $20.00 | $14.21 | $15.00 | $18.16 | $23.27 |
| 30 | $20.00 | $14.79 | $15.23 | $19.03 | $24.59 |
| 35 | $22.00 | $16.86 | $15.88 | $19.25 | $26.09 |
| 40 | $30.00 | $22.09 | $20.68 | $21.00 | $33.72 |
| 45 | $37.00 | $31.54 | $32.40 | $23.63 | $45.47 |
| 50 | $53.00 | $49.24 | $47.63 | $31.28 | $69.59 |
| 55 | $78.00 | $78.24 | $73.73 | $42.88 | $105.72 |
| 60 | $130.00 | $116.99 | $125.73 | $66.28 | $183.79 |
| 65 | NA | $202.24 | $243.18 | $119.66 | $323.42 |
Using the same policy coverage amount and term lengths, you can see that Allstate is actually more expensive than usual for young adults. For older adults, Allstate could be one of the more affordable options. It does look like it is hard to beat Prudential’s rates based on these results, however.
Overall, the cheapest life insurance policy can vary based on many factors. If you really want to save, be sure you get personalized quotes from multiple providers.
Allstate Life Insurance Ratings
Most people have heard of Allstate because it is one of the most popular car insurance companies. In reality, one of the simplest Allstate benefits is that you could have your car and life insurance policy in the same place.
Unfortunately, just because one form of Allstate insurance is highly rated does not mean that other types of insurance are equally as good. That is why you will want to look into each company’s ratings and reviews.
It is no surprise that Allstate boasts an “A+” A.M. Best rating for financial strength. Most large companies that offer multiple forms of insurance are pretty trustworthy from a financial standpoint.
However, Allstate’s NAIC Complaint Index of 2.71 is rather concerning. This score suggests that Allstate has 2.71 times more complaints than similar industry competitors. Despite the strong financial strength ratings, Allstate’s customer service experience may not be up to par.
The Better Business Bureau has rated Allstate with an “A+” which indicates the company is proactive in resolving complaints, but the sheer volume of complaints is concerning, to say the least.
More About Allstate Life Insurance
Allstate’s life insurance policies have shown some ups and downs. There could be some other variables to steer you to or from them as your life insurance company. For starters, it is convenient to have multiple insurance products bundled with one company. Allstate offers car, home, renters, and life insurance.
Another convenience offered by Allstate is a mobile app. Many companies are still working on this amenity. You can use the app to review or change policy details, make payments, initiate claims, and more. This can sometimes be less time-consuming than logging on to the computer.
Lastly, Allstate does offer added flexibility to its life insurance policies for those that are willing to pay. Allstate offers an assortment of life insurance riders, listed below:
- Waiver of premium
- Accidental death
- Accelerated death benefit
- Guaranteed insurability
- Term rider
- Spouse and children’s rider
Basically, policyholders can pay a little extra each month to add unique features to a life insurance policy. This could be coverage for family members, early death benefits, or other benefits, depending on the rider you choose. This helps you customize your life insurance policy based on your needs.
Streamlining Experience With Allstate Life Insurance Company Claim Process
Ease of Filing a Claim
Allstate offers multiple convenient methods for filing insurance claims. Policyholders can file claims online through the company’s website, over the phone via a dedicated claims hotline, or through the user-friendly mobile app. This flexibility in claims filing options ensures that customers can choose the method that suits their preferences and needs.
Average Claim Processing Time
The efficiency of an insurance company’s claims processing is a crucial factor for policyholders. While specific processing times may vary depending on the nature and complexity of the claim, Allstate aims to provide prompt claim resolutions.
However, it’s essential to note that actual processing times can differ, so customers should reach out to Allstate or refer to their policy documents for more accurate information.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. Allstate’s reputation in this regard is mixed, as indicated by the NAIC Complaint Index.
While the company is highly rated for financial strength by A.M. Best, its NAIC Complaint Index score suggests room for improvement in customer service and claim resolutions. Prospective policyholders should consider these factors when evaluating Allstate’s claims process.
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Unleashing Innovation With Allstate Life Insurance Company Digital and Technological Features
Mobile App Features and Functionality
Allstate offers a robust mobile app that provides policyholders with convenient access to their insurance accounts. The app allows users to review and manage policy details, make payments, and initiate claims on their mobile devices. This digital tool enhances the overall customer experience by offering a user-friendly platform for insurance-related tasks.
Online Account Management Capabilities
In addition to the mobile app, Allstate provides an online portal for policyholders to manage their accounts. This online account management system offers similar features to the mobile app, enabling customers to access policy information, make payments, and perform other essential tasks from their desktop or laptop computers.
This flexibility ensures that policyholders have multiple avenues for account management.
Digital Tools and Resources
Allstate’s commitment to digital innovation extends beyond mobile app and online account management. The company offers various digital tools and resources to help policyholders make informed decisions about their insurance coverage. These resources may include educational content, calculators, and interactive tools designed to simplify the insurance planning process.
Allstate Life Insurance Company: The Bottom Line
Allstate is a well-known insurance brand that offers an assortment of life insurance options that appear to have reasonable rates. While Allstate is highly rated as a successful business, it may not have the policyholder’s best interest in mind.
We hope you enjoyed learning more about Allstate life insurance. Before you go, enter your ZIP code below to get an assortment of free quotes from the top life insurance companies near you.