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Allstate Life Insurance Review 2020 (Providers + Quotes)

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
Licensed Auto Insurance Agenthttps://res.cloudinary.com/quotellc/image/upload/insurance-site-images/insproviders-live/ca745a12-daniel-walker.png

UPDATED: Jun 15, 2020

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Allstate Company Overview
Key InfoCompany Specifics
Year Founded1931
Current ExecutiveCEO – Thomas J. Wilson
Number of Employees45,420
Total Sales / Total Assets$39,815,000,000 / $112,249,000,000
HQ Address2775 Sanders Rd.
Northbrook, IL 60062
Phone Number1-847-402-5000
Company Websitewww.allstate.com
Premiums Written - Individual Life$956,578,048
Financial Standing-29.4% From Previous Year
Best ForMillennials and Gen Xers
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Deciding to cover you and your loved one’s future with a life insurance policy is a very important decision. It’s the best way to leave a reminder that you always had their best interest and futures in mind.

That being said, the process of finding the life insurance policy can feel like a hassle. With the number of life insurance policies and companies out there, no one would blame you for feeling overwhelmed.

In this Allstate life insurance review, we’ll cover Allstate’s finances, policies, and customer experiences so you know what you can expect from this insurer.

Ready to start looking for your life insurance policy? Before you read our Allstate life insurance review, use our FREE quote tool to find your life insurance rates.

Shopping for Allstate Life Insurance Quotes

If you’ve been doing your due diligence while you shop around for life insurance, you’ve most likely found that there is no quick life insurance quote option. They all require at least some degree of risk assessment.

This is because your life insurance policy is an investment for the insurer that you’ll live long enough for them to see a return on your premiums.

Average Allstate Life Insurance Rates by Age

The typical Allstate life insurance rates by age and tobacco use lie below. Since smoking has been linked to a wide number of illnesses, some smokers can pay up to twice as much for a policy that someone who doesn’t smoke would. See an example in the table below.

American Sentinel Life Insurance Average Monthly Rates for a $100,000/10-Year Term Policy
AgeFemale/Non-SmokerMale/Non-SmokerFemale/SmokerMale/Smoker
25$11.32$12.27$14.17$15.98
30$11.32$12.27$14.17$16.68
35$11.66$12.53$19.18$21.51
40$14.4$15.64$24.80$30.76
45$25$29$66$82
50$23.85$28.51$33.61$43.63
55$31.02$41.64$47.17$65.06
60$42.85$65.85$75.77$108.96
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The average Allstate life insurance cost is extremely affordable for young adults whether they smoke or not.

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Allstate’s Life Insurance Policies

When it comes to looking for life insurance policies for adults, there are a variety of options across even more companies. What’s more, the type of policy you can most benefit from depends on the different relationships and interests that you have in life.

Does Allstate offer life insurance? Yes. In fact, they offer almost every major type of life insurance as they explain in this video:

Keep reading to learn more about the different types of life insurance.

Term Life Insurance

What is term life insurance? It’s often regarded as the easiest and most basic form of life insurance coverage. It offers equal premiums with a set death benefit so you know what to expect during your term life policy.

However, if you outlive the term life policy you’ll completely lose out on the investment that you had been paying into over the past decade or longer. Some companies, including Allstate, offer term life policies with the ability to convert to permanent whole life insurance.

Whole Life Insurance

If you’re trying to find life insurance policies for parents, you may want to look into a whole life insurance policy. Whole life insurance covers exactly what it sounds like, your whole life. Likewise, this life insurance makes great life insurance policies for spouses so your debt isn’t transferred to them when you pass.

Universal Life Insurance

Universal life insurance provides lifelong coverage with the added benefit of flexibility on your premiums. If you choose to have an Allstate rate increase in 2019, you could have that much more added to your death benefit.

Allstate offers a universal life policy that also includes extra cash value options such as investing the portion of your premiums into the stock market. You can also adjust your death benefit as need be. The Allstate FutureGrowth IUL® reviews are positive, indicating that the flexibility can help in an ever-changing life.

Burial & Final Expense Insurance

Burial and final expense insurance is the most affordable type of life insurance policies for seniors. Since it only provides enough of a death benefit for your final expenses, you won’t have to shell out as much as you do for other types of policies.

Other Life Insurance Products

What is variable universal life insurance? VUL is a life insurance policy that invests a portion of your premiums into the stock market to give you the potential of additional wealth if your mutual fund type account does well.

However, as we all know, the stock market can have as many bad days as it does good, and this can translate into loss in the worst-case scenario.

Allstate’s variable universal life insurance policy lets you get flexible use over your cash value, including letting you invest it in assets, mutual funds, and more.

Life Insurance Riders

Riders are an add-on to life insurance policies that give extra coverage for an added cost. Allstate offers several riders that will help you during tough times and life’s unexpected events. Some examples include a waiver of premiums, accidental death benefits, accelerated death benefits, and more.

How to Get a Quote Online With Allstate

The best way to get life insurance quotes is typically to find out if the insurer you’re researching has a tool on their website.

How do I get a life insurance quote online, you ask? It’s simple. All you have to do is go to Allstate’s home page and you’ll be greeted with an Allstate policy lookup tool. Once you get your quote for whatever insurance you need, you can buy renters insurance online. Allstate offers most of their policies online.

Canceling Your Life Insurance Policy

Whether it be time to look for a more affordable policy, you’re switching companies, or any other reason, you can cancel your Allstate life insurance policy with no problem.

How can you cancel your life insurance policy? The process is described below.

How to Cancel

Make sure that you have your information such as the account number and anything else that your insurance agent can use to verify your identity. Once you have the required paperwork, call your Allstate agent. If possible, you’ll get your Allstate refund in a few business days.

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How to Make a Claim With Allstate

The best and easiest way to make Allstate claims is to go online to the insurer’s website. Allstate has a section specifically designated for dealing with insurance claims.

If you’re worried about how long it takes to make a life insurance claim, the process can usually be accomplished rather quickly. If you log into the Allstate Epolicy with your Allstate login, then you can do everything digitally.

How long do you have to make a life insurance claim? Most companies don’t put limits on how long you can wait before you file a claim.

Allstate’s Customer Experience

Allstate’s best customer experience reviews are of the insurer’s accident forgiveness programs and how satisfied they are with their claims process.

The worst customer experience reviews with Allstate’s detail and misunderstandings about the policy coverage. Some customers also have experienced problems with premiums.

Allstate’s Programs

Allstate, like most big insurers, offers discounts on your premiums if you bundle your different types of insurance together. If you so choose, you can bundle your home, auto, and life insurance policies together to save.

Design of Website/App

Allstate’s website is consumer-friendly and aimed toward assisting its users in finding whatever they need from Allstate.

There is also an Allstate app that gives its customers the ability to take their policy information with them on the go. From the app, you can pay your premiums and even file a claim with certain types of insurance.

About Allstate Life Insurance

The history of Allstate begins in 1931 when General Robert E. Wood decided to set out with a pioneer insurance business that would also sell policies by mail. At first, they only sold policies for automobiles before branching out. With very humble beginnings, the first Allstate headquarters was located in a Sears department store.

Allstate didn’t begin selling life insurance until 1957 after they had seen great success, even during the troubles that came with World War II.

They would expand into Canada just a few years later, and Japan two decades after that.

In 1983, Allstate began offering universal life policies to help its customers provide for their families’ futures while allowing them to invest in the potential of additional wealth.

Allstate’s Ratings

Without oversight, an insurer has no reason to work toward its customers’ best interests. These sites have taken a look at Allstate’s financial history as well as the Allstate insurance reviews.

The Better Business Bureau (BBB) is one of the more popular ratings sites out there. They rate a company on its ability to successfully serve its customers. There is also a section for customers to voice their own complaints.

That being said, the BBB has given Allstate an A+, their highest rating. The section dedicated to customer reviews is negative, to say the least. With only one star to speak of, it’s plain to see that Allstate’s customers aren’t happy.

If that wasn’t enough, the BBB also has a whopping 1,379 complaints lodged against Allstate in just the last three years. One example is Allstate home insurance reviews that state they had issues with home damage claims.

Most complaints come from the insurer’s inability to meet their contractual obligations when it comes to claims.

Moody’s rates an insurer based on their financial outlook and credit reliability with a letter grade. Allstate has an Aa3 rating, which is higher average, and they also have a Stable credit outlook.

Allstate’s life insurance ratings 2019 are mostly positive, with just a few consistent problems.

Allstate’s Market Share

When you say the name Allstate, you’ll most likely conjure the icon of outstretched hands and the classic slogan that dons their commercials. Those good hands have captured a large percent of the market as one of the best life insurance companies in the United States.

See Allstate’s market share compared to the competition below, and see how State Farm insurance reviews stack up against them.

Top 10 Life Insurance Companies and Allstate by Market Share
RankCompaniesPremiums WrittenMarket Share
1Northwestern Mutual$10,517,115,4526.42%
2Metropolitan$9,821,445,9536.00%
3New York Life$9,295,848,3005.68%
4Prudential$9,128,805,0605.57%
5Lincoln National$8,769,303,1745.36%
6MassMutual$6,854,713,0574.19%
7Aegon$4,809,856,6502.94%
8John Hancock$4,640,905,0172.83%
9State Farm$4,633,004,9632.83%
10Minnesota Mutual$4,422,100,0282.70%
43Allstate$956,578,0480.58%
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Allstate tends to focus more on their auto insurance as opposed to life and home policies. The typical Allstate life insurance competitors are those who focus primarily on expanding their life insurance base.

Allstate’s Online Presence

You’ll typically find insurance companies using social media to promote their offers and new initiatives geared towards helping the consumers live happier and easier lives. Allstate’s strategy is to keep themselves in your mind.

You can find Allstate on Twitter, @Allstate, sharing their insurance company social media campaign to show support during tough times as well as their contributions to communities in need.

Allstate’s Commercials

Insurance company TV commercials are typically drawn-out ads showcasing the worst that could happen. Allstate, however, makes it known that you’re taken care of when disaster strikes. See below a commercial showcasing a new feature.

Allstate loves to stick with the same spokespeople to build brand recognition. Such as Dennis Haysbert above, and Dean Winters below.

This commercial campaign has been running for nearly a decade and has continued to make families laugh across the country. See below another example.

These insurance company TV ads are more entertaining than they are informative sometimes. But when you’re dealing with heavier topics, sometimes these life insurance TV commercials are just the thing to lighten the mood.

Allstate in the Community

Businesses that help the community leave a lasting impression on the neighborhoods they call home. Some examples of businesses giving back to the community include blood donations, food drives, and other campaigns that help out their fellow humans.

Companies that do good for the community will stay in the hearts of those they help long after the action is done.

Allstate certainly ranks as one of the best workplaces for giving back to the community in 2019, with their employees volunteering and the company itself donating large sums to causes that need it the most.

Allstate’s Employees

Allstate’s life insurance company employee reviews show that the work environment can be fun, and the flexible work schedule will even let you work partially from home.

Allstate’s employee benefits are good, according to previous employees. However, some think that their management isn’t worth the good benefits.

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Pros & Cons of Allstate Life Insurance

The pros and cons of a life insurance company tend to be about the experience they have with Allstate customer service, while the pros and cons of life insurance policies tend to be more about the premiums or claims.

Pros & Cons of Allstate Life Insurance
ProsCons
Option to bundle coverage options to save you on premiumsLess focus on life insurance keeps them from being top in the nation
Good work environment with good benefitsPoor management and lack of advancement opportunities
Many life insurance products to choose fromA little more expensive than other companies
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Allstate has a good position in the market and with their employees, but there is always room to improve.

Allstate Life Insurance: The Bottom Line

Deciding to purchase life insurance is an important decision that requires time and an understanding of the insurance company and policy.

You can rest assured that Allstate has a policy and convenient option for you. If you’re looking to insure your life, you would truly be in good hands with Allstate.

Now that you’ve read this Allstate life insurance review, are you ready to see what you could pay for life insurance? Use our free quote tool to get an idea of what you can expect to pay for coverage.

Frequently Asked Questions: Allstate Life Insurance

These life insurance company FAQs and answers help cover some topics about Allstate we didn’t cover in the base article. Read through these insurance company FAQs if you need more information.

#1 – Is Allstate expensive?

Allstate is a little more expensive than the competition, with policies beginning at $15 a month.

#2 – Is Allstate a good insurance company?

Allstate is a strong insurance company with good financial ratings and good customer review ratings as well. This indicates that Allstate is a fairly good company to work and be a client of.

#3 – How much does Allstate pay?

Those working with Allstate can expect to make from $30,000 to $70,000 every year depending on position and performance.

#4 – What is the most reliable life insurance company?

While you may experience problems with any number of life insurance companies, the top five life insurance companies in the country by market share have the experience to help navigate this decision.

#5 – Does Allstate raise rates?

With most policies, your rates will stay the same during the life of the policy.

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