Allstate Life Insurance Rating: Is It Worth The Money?

Allstate is one of the largest life insurance providers in the United States, offering a range of policies, including term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. The company was founded in 1931 and has an A+ financial strength rating from AM Best, indicating its ability to meet financial obligations and pay out claims. While Allstate no longer sells individual life insurance policies under its own name, it offers coverage through partner companies such as John Hancock, Lincoln Financial, and Protective Life, which also have strong financial ratings. Allstate provides online quotes and has a LifeTrek tool to help customers find the right coverage for their needs. The company has a mixed reputation for customer service and claims handling, with some policyholders reporting issues with cancellations, delays in claims processing, and denials. Overall, Allstate is a well-rated life insurance provider with a wide range of policy options, but customers should be aware of potential challenges in the claims process.

Allstate's financial strength rating

Allstate Life Insurance Company is headquartered in Northbrook, Illinois, and is the country's largest insurer of personal lines, with more than 113 million policies across all 50 states. While Allstate no longer sells its own life insurance policies, it still offers life insurance quotes through its website from partner companies, including John Hancock, Lincoln Financial, and Protective Life. These companies are all underwriters and have received A+ (Superior) financial strength ratings from AM Best, indicating their ability to pay claims and meet contractual obligations.

The A+ rating given to Allstate's partner companies provides assurance that the products and services purchased through Allstate will be of high quality. These ratings are based on the companies' balance sheet strength, operating performance, business profile, and enterprise risk management (ERM). AM Best's assessment of Allstate's balance sheet strength is "very strong," while its operating performance, business profile, and ERM are rated as "strong," "favourable," and "appropriate," respectively.

Allstate offers a range of term and permanent life insurance policies through its partner companies. Term life insurance policies are available for flexible durations of up to 40 years, and potential customers can also avail of discounts by bundling life insurance with other Allstate policies. However, it is important to note that Allstate's policies are not available in every state.

In summary, while Allstate itself does not have a financial strength rating for life insurance as it no longer sells its own policies, its partner companies have strong financial strength ratings, providing confidence in the quality of life insurance products offered through the Allstate website.

Allstate's term life insurance policies

Allstate is the country's largest insurer of personal lines, with more than 113 million policies across all 50 states. While Allstate no longer sells its own life insurance policies, it does offer term life insurance on its site and provides coverage through various partner companies. These partners include John Hancock, Protective Life, Foresters Financial, Lincoln Financial, Corebridge Financial, American Heritage Life Insurance Company, Direct General Life Insurance Company, and National Health Insurance Company.

Allstate has an A+ financial strength rating from AM Best, indicating that it is well-positioned to pay claims and honour life insurance policy contractual obligations. Its partners Protective, John Hancock, and Lincoln Financial have also received A+ AM Best ratings.

Allstate offers flexible term lengths of up to 40 years, and potential discounts for bundling life insurance with other Allstate policies. Its TrueFit Term Life Insurance policy allows you to layer your coverages, meaning you can match your coverage needs over different time spans. The Basic Term Life policy offers coverage for 15 years with $50,000, $100,000, or $150,000 levels, and no medical exam is required.

Allstate's website is easy to navigate, and it provides basic information about life insurance, as well as specifics about each type of policy it sells. The site also makes it simple to find a local Allstate agent.

Allstate's customer service line can be difficult to navigate for those without an existing policy, as there are many automated prompts. However, the company does offer a chat feature that connects to a live representative, although life insurance services are not offered through this platform.

Allstate also provides a range of other insurance products, including auto, homeowners, renters, and pet insurance, making it a convenient option for those looking to bundle policies.

Allstate's permanent life insurance policies

The company offers a range of permanent life insurance options, including 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 as long as premiums are paid, and it includes a cash value component that allows policyholders to borrow against their premiums in most cases. Universal life insurance is similar to whole life insurance but offers more flexibility with terms and premium payments, which can be adjusted as needed. Indexed universal life insurance policies have a cash value that grows based on a stock market index, while variable universal life insurance allows policyholders to invest the cash value component directly in the stock market through sub-accounts.

While Allstate facilitates the purchase of these policies, they are managed by the issuing partner companies. For example, a Protective Life term life policy purchased through Allstate would be managed by Protective Life. It's important to note that Allstate itself no longer sells individual life insurance policies, but its partner companies, such as Protective Life, John Hancock, and Lincoln Financial, have strong financial strength ratings, indicating their ability to meet claim obligations.

Allstate's customer experience

However, some customers have complained about their experience with Allstate. There are reports of customers being given the runaround when trying to claim, issues with cancelling policies, and problems with getting refunds. There are also reports of customers being bounced around different departments and struggling to get the support they need.

On Trustpilot, Allstate has a rating of 3.3 out of 5 stars, with some customers reporting positive experiences and others reporting negative experiences. One customer wrote:

> "I have been with Allstate quite a few years. They have always handled my account with knowledge and have always been patient with me. They have answered my questions anytime that I called them."

On the other hand, another customer wrote:

> "I called to cancel my policy over a month ago. I called THREE different times and all 3 Times I was told they were canceling my policy. Till this day, which it has been over 30 days from cancellation, my card has been charged for over $900, over $400, and over $40. At this point, Allstate is a fraud, and they are stealing money from canceled customers out of spite."

Overall, Allstate's customer experience seems to vary depending on the individual customer's situation and the specific department or agent they are dealing with.

Allstate's life insurance riders

Allstate no longer sells its own life insurance policies, but you can still get life insurance quotes through the company for policies underwritten by John Hancock, Lincoln Financial, and Protective Life. The company offers term and permanent life insurance policies from these partner carriers.

Riders, also known as add-ons, are endorsements that allow you to customise your policy to meet your specific needs. While the available riders and specific terms will vary depending on the provider Allstate directs you to, some of the possible riders include:

• A child term rider, which adds term coverage for dependent children.
• A waiver of premium rider, which lets you pause premium payments under certain circumstances, such as total disability.
• An accidental death benefit rider, which pays additional amounts to beneficiaries if the insured dies due to an accident.
• A terminal illness rider, or an accelerated death benefit rider, which provides access to part of the death benefit while the insured is still living if they are diagnosed with a terminal illness.
• A chronic illness rider, which allows the insured to access a portion of the death benefit before they die if they are diagnosed with a chronic illness that limits their ability to perform daily activities.

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