Allstate is a well-known company that sells a wide range of insurance products. For existing customers who may have auto or home insurance, purchasing life insurance through Allstate can be a good idea because you take advantage of multi-policy discounts and save money on your monthly premiums.
The company sells term, whole, universal, and variable universal life policies, and offers multiple riders you can use to customize your coverage.
Allstate is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Pros & Cons
- Key Takeaways
- Company Overview
Life insurance policies can be bundled with other forms of insurance
30-day guarantee on all policies
Educational tools available
Allstate doesn’t have guaranteed issue policies
You cannot get quotes online for whole or universal life policies
Limited coverage amounts
- The company originated in 1931 and is based in Northbrook, Illinois
- Allstate offers term, whole, and universal life insurance policies
- It also sells auto, home, renters, motorcycle, and pet insurance policies
- Multi-policy discounts are available
- Allstate’s insurance products are available in all 50 states
Allstate is known for its commercials featuring actor Dennis Haysbert asking, “Are you in good hands?” A major insurance company, Allstate sells a wide range of products, including life insurance, homeowners insurance, and car insurance. It is the 20th-largest issuer of life insurance in the nation based on ordinary life insurance in force.
Allstate offers life insurance in all 50 states and sells multiple life insurance options. While you can get quotes for term life insurance online, you’ll need to contact an Allstate agent for information about its other available options.
- Year Founded 1931
- Kinds of Plans Term, whole life, universal life, variable universal life
- Number of Plans 4
- Payment Plan Options Monthly, quarterly, semi-annually, annually
- Customer Service Phone, Agent
- Phone 800-366-1607
- Official Website www.allstate.com
- Life insurance policies can be bundled with other forms of insurance: If you bundle life insurance with Allstate’s auto or home insurance policies, you can receive valuable discounts off your premiums.
- Educational tools available: Allstate has multiple tools and resources to help you learn about life insurance so you can make an informed decision when purchasing a policy. Resources include educational articles and calculators.
- Allstate doesn’t have guaranteed issue policies: Many life insurance companies offer guaranteed issue policies. With a guaranteed issue policy, you cannot be denied due to your health history, making them a useful option for people with health conditions. However, Allstate does not have any form of guaranteed issue policy.
- You cannot get quotes online for whole or universal life policies: While you can get quotes online for term life insurance in most states, that’s not the case for whole or universal life plans. If you’d like information about whole or universal life insurance, you’ll have to contact an Allstate agent.
- Limited coverage amounts: Allstate has relatively low coverage limits, so you may not get enough protection for your family. For example, the maximum amount of coverage you can get with a term life policy is $500,000; other companies offer coverage limits of $1 million or more.
Allstate products are sold through nearly 11,000 exclusive agents nationwide.
Allstate has multiple life insurance plans to choose from, including term life protection and permanent life insurance. In most cases, policy applicants will have to undergo a medical exam. After the exam, you’ll receive a personalized wellness report.
Allstate offers four different life insurance plans.
Term life insurance tends to be the least expensive form of life insurance because it provides temporary coverage. Designed to help your family cover their living expenses if you pass away during your working years, term life insurance is active for a predetermined period. For Allstate’s plans, terms range from 10 to 30 years.
If you pass away during the plan term, your family receives a death benefit. However, if you die after the policy’s term expires, your family receives nothing.
Rates start at $24.64 per month for a 20-year term for $250,000 of coverage.
You can get quotes for Allstate’s term life policies online.
Unlike term life insurance, whole life policies provide you with coverage for your entire lifetime. The cost is fixed, meaning it won’t change over time. In addition, your policy has a savings component that allows the cash value to potentially grow over time.
At Allstate, whole life plans start at $136.68 per month for $100,000 of coverage.
Universal life insurance gives you permanent protection, but it may offer more flexibility than whole life coverage. With universal life insurance, you can increase or decrease your death benefit as your needs change. Some Allstate policies can also be linked to a stock market index like the S&P 500, potentially allowing you to grow your cash value. Plans start as low as $79.69 per month for $100,000 of coverage.
Variable Universal Life
Like Allstate’s universal life policies, variable universal life plans provide permanent coverage. There is a savings component where the cash value can be invested in subaccounts that are similar to mutual funds, fixed accounts, or asset allocation programs. These options have a higher growth potential, but there is also a higher level of risk associated with them.
Contact an Allstate agent to learn about available coverage limits in your state and pricing.
Most insurance companies, including Allstate, allow you to add riders to your life insurance policy. Insurance riders usually have an additional cost and can be used to customize your policy and add different types of coverage.
With Allstate’s riders, you can access a portion of your benefits early if you are diagnosed with a qualifying condition. There are three main riders available:
Accelerated Care Rider
Available on some policies, the accelerated care rider provides an early payment of the life insurance policy’s death benefit. By adding this rider to your policy, you can get up to 100% of the plan’s face amount if you are certified as chronically ill by a licensed healthcare professional. To qualify, your cognitive impairment must be permanently impacted, or you must be unable to do at least two activities of daily living. Examples include:
- Dressing and grooming
Accelerated Death Benefit/Chronic Illness Rider
If you add the chronic illness rider to your policy, you can get up to 80% of the death benefit, up to a maximum of $1 million, if you become chronically ill. Each year, you can use up to 25% of the maximum lifetime benefit or $250,000, whichever is less, until the full benefit is exhausted.
Accelerated Death Benefit/Terminal Illness Rider
If you are diagnosed with a terminal illness with a life expectancy of 12 months or less and have added the terminal illness rider to your policy, you can get up to 80% of the eligible death benefit early, up to a maximum of $250,000. The money can be used for your care or for other expenses.
With Allstate, you can file a claim online and track its progress. Or, you can file a claim by calling 800-366-3495.
If you need additional help, Allstate’s customer support is available 24 hours a day, seven days a week. You can reach customer service by calling 800-366-1607. If you’d prefer in-person support, you can search for a local Allstate agent and meet with them during normal business hours.
The National Association of Insurance Commissioners (NAIC) gathers consumer complaints about insurance companies and uses that data to calculate insurers’ complaint ratios. The complaint ratio indicates how many complaints a company received relative to its market share in a certain category.
The national complaint index is 1.0. If a company has a complaint ratio above 1.0, that’s a red flag that the company received more complaints than is typical.
In 2021, Allstate’s complaint ratio for its life insurance segment was 0.29.
For the past three years, Allstate’s complaint ratio has been lower than the national complaint index, indicating that the company received fewer complaints than is expected for its share of the U.S. market.
AM Best is a global credit rating agency that specializes in the insurance industry. Headquartered in the United States, the agency releases Financial Strength Ratings (FSRs). The FSRs are AM Best’s opinion on companies’ financial performance and stability. A strong FSR indicates that the company is financially sound and able to meet their policy obligations.
In 2020, AM Best affirmed Allstate’s “A+” (Superior) rating, recognizing the company’s balance sheet strength and operating performance.
Allstate was not included in the J.D. Power 2020 U.S. Life Insurance Study. The study ranked 23 top life insurance companies based on product offerings and customer service.
Most companies offer free look periods of 10 days, though you may have longer in certain states. During the free look period, you can review your policy and cancel it for a full refund.
Once the free look period expires, the cancellation policies vary based on the type of coverage you have. Talk to your Allstate agency before signing the insurance contract to make sure you understand the policy’s terms and conditions.
In terms of pricing, Allstate’s policies are about average. However, if you bundle your life insurance with auto or homeowners insurance, you can save money.
While you cannot get quotes for whole or universal life policies online, you can get quotes for term life insurance on Allstate’s website.
Allstate does provide sample rates for a 37-year-old male in excellent health.
|Term Life||Whole Life||Universal Life||Variable Universal Life|
|Term Length||20 Years||Permanent||Permanent||Permanent|
As with other life insurance companies, Allstate requires you to choose between “male” or “female” when getting a quote for life insurance online or applying for a policy. Being nonbinary doesn’t disqualify you from getting life insurance. However, be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.
We compared Allstate to Transamerica, our choice for the best value life insurance company, because it offers competitive rates, as well as final expense policies that don’t require a medical exam.
Transamerica has an edge over Allstate in that it has much higher coverage amounts available. Depending on which life insurance plan you choose, you can get up to $10 million in coverage, providing your family with significant protection.
Transamerica also has more insurance riders you can add to your policy, allowing you to customize your plan and enhance your coverage.
|Market Share||Not applicable||Ninth-largest in the U.S., 2.9%|
|Number of Plans||4||8|
|Dividends for 2020||Not applicable||Not applicable|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Phone, agents||Agents|
|AM Best Rating||A+ (Superior)||A (Excellent)|
|J.D. Power’s Price Rank||Fair||Fair|
With discounts available if you bundle your life insurance with auto or home insurance, Allstate’s policies are best for existing Allstate customers. With term, whole, and universal life policies available, you can purchase insurance to protect your family and customize it with living benefit riders.
However, other companies may offer higher coverage limits and more insurance options, including guaranteed issue and final expense policies. If you need more coverage or want to get policy without undergoing a medical exam, you’ll likely need to work with another life insurance company.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
Learn more: Read our full Life Insurance Methodology.
NAIC. "Complaint Index - Allstate Assurance Company." Accessed July 7, 2021.
J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed July 7, 2021.