Allstate did not start as an insurance company offering life insurance products. In fact, it is best known for its car and homeowner insurance, but it also sells life insurance. Allstate is attractive because it offers a range of life insurance options with discounts available to insurance policyholders for cars and homeowners.
Allstate life insurance
In this post, we’ll take a deep dive into the Allstate life insurance options and we’ll review their life insurance offers in order to help you choose the option that most suits you. This will also help you make a better comparison with other life insurance offers available in the market to make a more informed decision.
Allstate life insurance policies
Allstate’s offer is truly complete. In fact, the company offers universal term, full, universal and variable life insurance policies.
Allstate life insurance is available in two different versions:
- Allstate TrueFit coverage is available for amounts ranging from $200,000 and $ 1million, although this may vary by age and status. The terms of the flexible policy can cover any duration between 10 and 30 years. This means, for example, that you can get an 18-year policy if you wish. If you are looking for flexibility this is the option for you.
- Allstate Basic Term is meant for buyers who need something simple. The policies have a duration of 15 years and have coverage of $50,000, $100,000, or $150,000.
- Allstate’s comprehensive, universal, and variable products are all money-value life insurance policies that offer lifetime coverage and grow in value over time.
Term Life Insurance
Based on your preferences, you can choose the Term Life Insurance because
- It offers dependable, low cost protection with a death benefit that lasts for a specific period of time.
- As long as the policy’s premiums are paid, the coverage stays in force for the term you selected.
- If you pass away during that time, the death benefit is paid to the beneficiaries you chose.
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Universal Life Insurance (UL)
We also suggest Universal Life Insurance (UL) because the following
- It provides a lifelong death benefit and allows you the flexibility to change your payments as you need to.
- The premiums you make, less any charges, are credited to the total value of your policy, a portion of which accumulates with interest over time with at the least a guaranteed minimum rate.
- The policy’s cash value can be accessed through loans and withdrawals.
Complaints about Allstate life insurance
Over the past three years, Allstate has brought many complaints to state regulators. More than expected on average for a company of its size for life insurance, according to an analysis by the National Association of Insurance Commissioners.
More about Allstate
In addition to life insurance, Allstate offers a wide range of other insurance products including auto, home and renter insurance. Among which:
- Allstate auto insurance.
- Allstate homeowners insurance.
- Allstate renters insurance.
As mentioned earlier, Allstate’s strength lies in the fact that the company offers discounts to bundle the policies together, so existing customers can find additional savings.
Pros & Cons
Allstate is a well-known insurer, which may help inspire confidence in the company’s various life policies, including TrueFit term life, whole life permanent life insurance, and universal life.
This wide variety of choices may intimidate or overwhelm potential customers who are just starting to explore their life insurance options, but Allstate’s LifeTrek analysis tool can help customers figure out what they need in terms of death benefits, cash value features, and other financial obligations and benefits to purchasing a new life insurance policy.
In addition to the LifeTrek tool, Allstate offers plenty of other online resources, including detailed FAQ sections, account access through a mobile app, and guides to help you determine which of Allstate’s policies is right for you and if Allstate is the right life insurance company for you.
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|Allstate provides term, whole, universal, and variable universal life insurance options||Allstate’s life insurance policies may be more expensive than some competitors|
|Allstate offers plenty of online resources||The wide variety of options may be confusing or overwhelming|
|Bundling discounts are available when you combine life insurance with certain other Allstate policies||More complaints to state regulators than expected for life insurance, relative to the size of the company|
How Much Does Allstate Life Insurance Cost?
If you’re considering a term life insurance policy from Allstate, the company’s standard base costs may help you estimate how much to budget. These costs will vary based on age, location, health factors (including risky hobbies or other risk factors, and if the applicant is a smoker), desired coverage, length of the term, and riders or other customizations to the policy.
Before signing life insurance, it is a good idea to carefully review your different plans and insurance options to make sure you are choosing the best option for you.