Allstate Term Life Insurance Review: Allstate’s “You’re in Good Hands” slogan is known worldwide, and if you’re like many people looking for life insurance, you’re probably wondering just how true this slogan is.
Founded in 1931, this competitive insurance provider offers multiple kinds of insurance, including term life coverage, and it currently holds a superior “A+” rating with A.M. Best.
Keep reading our Allstate term life insurance review if you’re looking for more details and quote comparisons.
Allstate Term Life Insurance Review
As competitive as Allstate is, it is not always the cheapest, or the most convenient, policy provider. Keep reading to learn more about Allstate term life and finding the right life insurance company for you.
Allstate Life Insurance Products
Term Life Insurance
Allstate offers two different kinds of term life insurance— Basic Term and TrueTerm.
With Basic, you are limited to choosing coverage policies of $50,000, $100,000 and $150,000, and the time frame for coverage is 15 years. The good news is that no medical exam is required, but for really healthy people this can actually be bad news, since this generally means fewer discounts for them. With TrueTerm insurance, policyholders have more options and flexibility.
Allstate also has Permanent Life Insurance options.
Whole Life Insurance
Allstate offers whole life insurance to shoppers looking for lifetime coverage. With whole life insurance, you’re getting excellent guarantees such as a guaranteed minimum growth, but the policy is more expensive compared to term life.
Universal Life Insurance
You can also purchase a universal life insurance policy with Allstate. With universal life, you have more flexibility compared to whole life vs term life. Your premium payments and even your coverage amounts can be adjusted.
Rate Examples: Allstate vs Competition
We work with over 40 different life insurance companies, and among them, there are many that are actually cheaper than Allstate. For example, let’s say Frank is a 40-year-old nonsmoker in excellent health who is looking for a 20-year, $500,000 policy.
With Allstate, he is likely to be offered a Preferred Plus rate of $45 per month.
With many other insurance providers, however, he is likely to be offered rates that are up to 30 percent cheaper than Allstate’s.
Life Insurance Quotes Allstate vs The Competition
Protective Life: $30
Banner Life: $31
American General: $36
Mutual of Omaha: $42
Allstate Company Details
Name(s): Allstate Life Insurance Company; Allstate Life Insurance Company of New York; Allstate Corporation; American Heritage Life Insurance Company; Allstate Property and Casualty Insurance Company
2775 Sanders Road
Northbrook, Illinois 60062
Ratings: A.M. Best (A+) Standard & Poor’s (A+) Fitch (N/A) Moody’s (A1)
So, What is the Best Life Insurance Company For Me?
It is important to keep in mind that life insurance policies are made to fit the individual, and while there are always general similarities between rates and coverage terms, what works for one Allstate customer may not necessarily work for you.
For example, if you are looking for cheaper rates, it is probably wise to take your business elsewhere. In fact, you should always compare quotes across multiple companies to ensure you get the best pricing.
You can do this right with the quote tool on our website. If life insurance with Allstate is cheaper, you’ll find out immediately by comparing rates on Life Insurance Blog.
Make sure you shop your case around to multiple life insurance companies before you apply. When you’re ready to take the next step, please don’t hesitate to call us at 888-411-1329 for a customized quote and more information on getting the right term life insurance coverage for you.
We work with over 40 of the best life insurance companies to make sure you are getting the best rates available.
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