Paul Sanchez
Allstate offers a variety of life insurance products through partner companies, including Protective Life and Lincoln Financial. While Allstate sold its life insurance division to Blackstone Insurance Solutions in 2021, its agents continue to offer policies from reputable providers. Allstate's website offers basic information about life insurance, who needs it, and the specifics of each type of policy the company sells. The company also provides flexible term lengths and potential discounts for bundling life insurance with other Allstate policies.
| Characteristics | Values |
|---|---|
| Allstate's life insurance business | Sold to Wilton Re |
| Current business | Marketing agreement with Protective Life Insurance Company |
| Allstate agents | Offer term and permanent life insurance policies from partner carriers such as John Hancock, Protective Life, Foresters Financial and Lincoln Financial |
| Allstate website | Easy to navigate, includes an option to get a term life insurance quote right from the homepage |
| Allstate policies | Available in all states except New York |
| Policy riders | Accelerated Death Benefit, Waiver of Premium, Accidental Death Benefit, Child Term Rider |
| Allstate | Operates as a captive agency |
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What You'll Learn
Allstate's captive agents
Allstate is a captive agency, meaning its agents can only offer products from one company. Despite selling its life insurance division to Blackstone Insurance Solutions in 2021, Allstate agents continue to offer life insurance policies from partner carriers such as John Hancock, Protective Life, Foresters Financial, and Lincoln Financial. These policies are available in all states except New York.
Allstate agents offer term and permanent life insurance policies, with very flexible term lengths. The company's website is easy to navigate, with an option to get a term life insurance quote on the homepage. However, to proceed with the online quote, users must provide an email address and phone number and consent to receiving marketing calls or text messages.
Allstate offers various riders to customize life insurance policies, including the accelerated death benefit, which allows access to a portion of the death benefit if diagnosed with a terminal illness, and the accidental death benefit, which provides an additional payout in the event of accidental death.
Because Allstate offers a range of policies, including homeowners and auto insurance, it may be a convenient option for shoppers looking to buy all their insurance in one place. Potential customers can also benefit from discounts for bundling life insurance with other Allstate policies.
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Allstate's life insurance policies
Allstate offers a range of life insurance policies through partner carriers such as John Hancock, Protective Life, Foresters Financial, and Lincoln Financial. These policies are available in all states except New York. Allstate's website offers an easy way to get a term life insurance quote, with basic information about life insurance and the various types of policies the company sells. The site also provides an option to find an Allstate agent near you for those who need support.
Permanent life insurance, on the other hand, provides lifelong coverage. Allstate's partner carriers offer whole life insurance, which includes an investment component that builds cash value over time. This cash value can be borrowed against or used to pay future premiums.
In addition to the standard coverage, Allstate offers various riders to customize your policy. These include the accelerated death benefit, which allows access to a portion of the death benefit if diagnosed with a terminal illness, and the waiver of premium, which waives premiums if you become disabled, ensuring continued coverage. The accidental death benefit provides an additional payout in the event of an accidental death, and the child term rider offers coverage for your children under the same policy.
It is important to note that Allstate's life insurance policies are not available in every state, and the coverage is provided by third-party companies rather than Allstate itself. When considering Allstate's life insurance policies, it is recommended to compare rates and coverage options with other insurance companies to ensure you are getting the best value and the right type of coverage for your needs.
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Pros and cons of Allstate life insurance
Allstate offers term, whole, and universal life insurance policies through partner carriers such as John Hancock, Protective Life, Foresters Financial, and Lincoln Financial. These policies are available in all states except New York.
Pros of Allstate Life Insurance
- Allstate's website is easy to navigate, with an option to get a term life insurance quote right from the homepage.
- The site offers basic information about life insurance and who needs it, plus specifics about each type of policy the company sells.
- Allstate offers very flexible term lengths and potential discounts for bundling life insurance with other Allstate policies.
- Allstate provides useful tools to help shoppers find the ideal policy, including a coverage calculator and a policy suggestion tool.
- Allstate's whole life policies offer fixed premiums and death benefits, and a saving component known as the "cash value," which can help cover emergency expenses.
- Many Allstate policies do not require a medical exam, charging affordable rates and providing high coverage limits.
Cons of Allstate Life Insurance
- Allstate's customer service line can be difficult to navigate without an existing policy, with many automated prompts asking for a policy number.
- Life insurance policies are not available in every state.
- Coverage comes from third-party companies, not Allstate itself, which may impact the quality of the policy and the ease of dealing with the carrier.
- Allstate's chat feature does not offer service for life insurance policies.
- Allstate's whole life policies may not be the best option for those without significant financial obligations or medical conditions that require lifelong care.
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Allstate's marketing agreement with Protective Life Insurance Company
This agreement allows Allstate agents to sell Protective Life Insurance products while still providing customers with the convenience of purchasing all their insurance needs in one place. Protective Life Insurance Company offers reliable and competitive life insurance products, and their policies act as regular term policies with initial premiums and duration fully guaranteed.
As a result of this agreement, Allstate customers may receive communications from their local Allstate agent offering Protective Life Insurance products. These products may be presented as "Protective Custom Choice UL" policies, which stand for Flexible-premium Universal Life Insurance. While these policies may offer some benefits, such as affordable coverage, they may not be suitable for everyone, especially if one's health has not improved since their previous policy.
It is important to note that while Allstate agents can sell these Protective Life Insurance policies, the policies themselves are underwritten and serviced by Protective Life Insurance Company. This means that any interactions or claims related to the life insurance policy will be handled by Protective, not Allstate. Overall, this marketing agreement allows Allstate to continue providing life insurance options to its customers while focusing its core business on other areas, such as auto and home insurance.
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Allstate's customer service
Allstate's website is user-friendly, with an option to get a term life insurance quote on the homepage. However, to proceed with the online quote, you must provide an email address and phone number and consent to marketing communications. The site also provides basic information about life insurance and the various types of policies available. For those who need further support, the website makes it easy to find an Allstate agent nearby.
Allstate offers various riders to customize your life insurance policy, including:
- Accelerated Death Benefit: Access to a portion of the death benefit if diagnosed with a terminal illness.
- Waiver of Premium: Waived premiums in the event of disability.
- Accidental Death Benefit: Additional payout for accidental death.
- Child Term Rider: Coverage for children under the same policy.
Allstate also provides potential discounts for bundling life insurance with other policies, such as homeowners and auto insurance, making it a convenient option for those looking to consolidate their insurance needs. However, it is important to note that Allstate's policies are not available in every state, and the coverage is provided by third-party companies rather than Allstate itself.
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Frequently asked questions
Allstate left the life insurance business and sold its book of business to Wilton Re. They now have a marketing agreement with Protective Life Insurance Company, which has an A+ rating from AM Best. Your Allstate agent is checking in to see if they can sell you a new life insurance policy.
Allstate offers a range of policies, including homeowners and auto insurance, so it's convenient for shoppers looking to buy all their insurance in one place. They also offer very flexible term lengths and potential discounts for bundling life insurance with other Allstate policies.
You can get a term life insurance quote on the Allstate website. To proceed with the online quote, you must provide an email address and phone number and consent to receiving marketing calls or text messages. You can also call the company to complete your quote.
