If anything happens to you, will your family be OK financially?
That’s the million-dollar question surrounding life-insurance protection. It’s not an enjoyable topic, but it’s a must for most families.
Allstate has been operating for more than 85 years and is one of the most reputable insurance companies in the marketplace today.
There are a number of qualities that make Allstate life insurance an excellent product for so many people. But your needs are as unique as you are, so we want to take the time to review this company’s offerings and let you make the choice that fits your situation best.
Is Allstate A Good Life Insurance Company?
Overall, Allstate is an excellent choice for life insurance. The company offers flexible plans and is financially stable, so you can rest assured that it is among the most reliable insurance companies out there.
Allstate has some benefits over other companies, but no policy is universal, so watch for the protection you want. Factors including your age, medical history, and more can determine whether Allstate is the best life insurance company for you.
Allstate generally draws high insurance ratings as an extraordinarily reputable company that has stood the test of time.
The company reported an income of more than $2 billion for 2015, is financially sound and has some of the best payout rates among life-insurance companies.
Financial Strength & Company Ratings
Allstate has consistently received high ratings from many evaluators.
A.M. Best – one of the most reliable financial-strength evaluators – gives Allstate an A+ rating, which puts it near the top of its competitors.
Allstate also gets an A.A.- from Standard & Poor’s, representing the fourth-highest rating on a scale of 22.
Moody’s Investor Services rates Allstate an Aa3, the fourth-highest rating on a scale of 21.
Allstate Customer Reviews
Allstate has excellent customer reviews and an exceptional reputation, which puts a couple of marks in its plus column.
The company provides insurance services to more than 16 million individuals in the U.S. and maintains robust customer support.
The Better Business Bureau gives Allstate an A+: the highest possible rating the BBB can grant.
Allstate Life Insurance Coverage Options
The primary life-insurance plans available through Allstate are term life, whole life, universal life, and variable universal life.
These plans vary and will have pros and cons for each individual, based on your specific situation.
Allstate Term Life
Term life is the most inexpensive life insurance plan, running an average of $24.64 a month. This type of policy covers you for 10-30 years and includes a tax-free death benefit for your beneficiaries.
It does not, however, include savings or investment options.
Term life is considered the most fundamental plan available and is an excellent option if you need to keep your monthly payments low.
Allstate Whole Life
On the other side of the coin, whole life is the most expensive plan, running an average of $271.03 a month. This plan provides lifetime coverage, and some people prefer it for its fixed monthly costs.
This type of policy also includes savings and investment offers, as well as credits that deliver cashback or an extra payment toward your life-insurance plan over time.
Allstate Universal Life
In the middle of term and whole life sits universal life, running an average of $181.36 a month. Universal life is a lifetime insurance plan with flexible payment options.
If you can’t afford whole life or don’t want fixed payments, universal life might be the best option for you. Its main benefits over whole life are the potential investment options and flexible payment plans.
Allstate Variable Universal Life
Variable universal life is the most versatile life insurance plan Allstate offers. The rates for this plan vary dramatically from one person to the next, so it’s impossible to estimate an average monthly payment.
The main attraction of variable universal life is the more than 30 investment options available with your plan. If you are looking to create an investment portfolio with your life insurance plan, a variable universal life might be the best option for you.
Pros & Cons of Allstate Life Insurance
As with any insurance plan, you’ll find both pros and cons with Allstate’s life insurance. They are dependent upon each individual’s situation and apply uniquely to each.
One of the most apparent advantages of life insurance with Allstate is the flexibility of its plans and the investment options it offers.
Another advantage you’ll get with Allstate rests in its financial strength and high ratings. The company consistently scores high, both with customers and financial-strength evaluators, including Moody’s Investor Services and A.M. Best. And remember that A+ from the Better Business Bureau!
On the downside, some customers report that they have a difficult time getting an online quote from Allstate because of their previous medical histories or pre-existing conditions.
Other cons of Allstate life insurance is the company’s lack of information available on the company’s website and the lack of a mobile app. Allstate’s limited online information appears purposeful to coax customers into contacting an Allstate agent for more info. The lack of a mobile app is a bit surprising, as most insurance companies have created apps to make their business transparent and convenient for their customers.
Is Allstate The Right Life Insurance Company for You?
Of course, every pro and con is situational and might or might not affect your specific needs or situation. With Allstate’s broad spectrum of life insurance options, you’re sure to find an option that matches your needs.
If you have trouble getting an online quote, you can contact an Allstate agent directly to discuss your life insurance options and get guidance on choosing the one that’s right for you.
If you’re ready to get protection in place for your family’s future, give Allstate a try. With its flexible life-insurance plans and robust financial ratings, it’s an excellent choice for anyone looking for a healthy life-insurance plan.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.