Allstate Life Insurance: Is It Worth The Hype?

Allstate is one of the largest life insurance providers in the United States, offering multiple types of policies. The company provides free online quotes, and customers can file claims through its website. Allstate sells term life insurance policies nationwide and permanent life insurance policies, including whole life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance. While Allstate has received positive reviews for its customer service and convenience, there have also been complaints regarding delays in paying claims and difficulties in cancelling policies.

Allstate's customer service

On the other hand, several reviews highlight difficulties in dealing with Allstate's customer service. Some customers have complained about the company's maze of automated prompts, which can make it challenging to reach a live representative. Others have reported issues with policy cancellations, refunds, and claims processing, with some alleging that the company has continued to charge them even after cancelling their policies. There are also complaints about the company's handling of insurance claims, with reports of delays, denials, and requests for additional documentation.

It is worth noting that Allstate's customer service ratings are influenced by the fact that it no longer underwrites individual life insurance policies. Instead, it offers policies from partner companies, which may add an extra layer of complexity to the customer service experience.

Allstate's website and app

Allstate's website offers a range of features and services to its customers. The website provides access to policy information and allows customers to manage their policies, including filing claims. In addition, the website offers a LifeTrek tool that asks customers a few questions to help them find the right coverage for their needs. Customers can also obtain free online quotes for life insurance policies through the website.

The Allstate website also features customer reviews and ratings, allowing prospective customers to learn about others' experiences with the company's products and services. These reviews cover various aspects, including customer service, coverage, price, punctuality, sales and marketing, and the online and app processes. The website also includes an author review by Ashley Eneriz, an expert finance writer, who provides additional insights into the company's history, products, and convenience for current customers.

In terms of the Allstate app, it offers convenient access to insurance information for customers. According to one review on the website, the app is highly rated for its functionality and ease of use, providing users with all their insurance information in one place. The app also enables customers to send messages to their agents during business days and receive prompt responses.

The app is available for download on mobile devices through the App Store and Google Play, providing on-the-go access to insurance information and services. Overall, the Allstate website and app seem to offer a comprehensive suite of tools and resources for customers to manage their insurance policies, obtain quotes, and stay connected with their insurance providers.

Allstate's financial strength

Allstate Life Insurance Company has an A+ financial strength rating from AM Best, indicating that the company is financially stable and able to meet its insurance obligations. This rating is a measure of an insurer's ability to pay future claims and confirms Allstate's long-term financial stability.

While Allstate no longer sells its own life insurance policies, it does offer policies underwritten by John Hancock, Lincoln Financial, and Protective Life. These partner companies have also received A+ AM Best ratings, indicating their ability to pay claims and honour life insurance policy contractual obligations.

The A+ financial strength rating from AM Best provides peace of mind that the products and services offered by Allstate and its partners are of high quality and that the companies are well-positioned to meet their financial commitments.

Allstate's range of policies

Allstate offers a range of life insurance policies, including term life insurance and permanent life insurance. Term life insurance policies are available for 15 or 40 years, depending on the chosen coverage level, and do not require a medical exam. The permanent life insurance options include whole life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance.

Whole life insurance provides coverage for the policyholder's entire life and builds cash value over time, which can be borrowed against. Universal life insurance policies are similar but offer more flexibility in terms and premium payments. Indexed universal life insurance policies have cash value growth based on a stock market index, while variable universal life insurance policies allow direct investment of the cash value component in the stock market.

In addition to these standard offerings, Allstate also provides the TrueFit Term Life Insurance policy, which allows policyholders to layer their coverages and match their coverage needs over different time spans. The Whole Life Advantage policy enables policyholders to return excess credits to the policy, accelerating the build-up of cash value.

Several riders, or add-ons, are available to further customize Allstate's life insurance policies. These include a child term rider, a waiver of premium rider, an accidental death benefit rider, a terminal illness rider, and a chronic illness rider.

Allstate's pricing

The cost of Allstate life insurance policies will depend on various factors, including the applicant's age, gender, health, and lifestyle. Allstate offers flexible term lengths of up to 40 years, and potential discounts are available for bundling life insurance with other Allstate policies.

To obtain a precise quote, individuals need to input their personal information on the Allstate website or speak with an insurance agent. Allstate's LifeTrek tool is also available to help determine the appropriate level of coverage based on an individual's financial situation and goals.

It is always recommended to compare quotes from multiple providers and work with a financial advisor or licensed insurance agent to find the most suitable coverage for your needs.

Frequently asked questions