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. Keep reading our Allstate term life insurance review if you’re looking for more details and quote comparisons.
Allstate Life Insurance Company
Review Summary
Founded in 1931, this competitive insurance provider offers multiple kinds of insurance, including term life coverage, and it currently holds a superior “A+” life insurance companies rating with A.M. Best.
Allstate Term Life Insurance Review
As competitive as Allstate is, it is not always the cheapest, or the most convenient, policy provider.
They aren’t in our list of the best term life insurance companies in the market. However, keep reading if you’d like to learn more about Allstate term life and finding the right life insurance company for you.
Allstate Life Insurance Products
Term life insurance is temporary coverage. The most popular term lengths range from 10 to 30 years.
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.
However, term policies only range from 10-year term to 20 years. Many other term life insurance providers actually offer policies up to 30 years.
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.
Life Insurance Quotes Allstate vs The Competition
Here are some sample rates from other top life insurance companies. As you can see, it’s possible to get a better rate by shopping around.
- SBLI: $30
- Protective Life: $30
- Banner Life: $31
- ING: $36
- Transamerica:$36
- American General: $36
- Mutual of Omaha: $42
- Prudential: $43
- Allstate: $45
Rate Examples: Allstate vs Competition
We work with over 60 different life insurance companies, and among them, there are many companies 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.
Will Allstate give you the best rate?
Will Allstate or some other company like North American, Nationwide, Progressive or Primerica get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
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
Address:
2775 Sanders Road
Northbrook, Illinois 60062
Phone: 847-402-5000
Website: www.allstate.com
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.
Recommendations
You should always use a licensed and independent agent. You need to 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 our website.
If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options.
Be sure to check out other reviews, like our GEICO, Mass Mutual and State Farm reviews, and see how they compare.
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