Allstate is most well-known for its homeowners and auto insurance. However, it also sells insurance that covers life. Allstate plans to sell its life insurance subsidiary later in the year.
Allstate life insurance received 3 stars out 5 for overall performance. Our editorial team determines NerdWallet’s ratings. The scoring formula considers data from the National Association of Insurance Commissioners as well as financial strength ratings.
Allstate life insurance policies
Allstate offers term, whole and universal life insurance policies.
Term life insurance from Allstate comes in two different versions:
- Allstate TrueFitCoverage is available for amounts up to $1,000,000, but this can vary depending on your age and whereabouts. Flexible policies can be extended for any length between 10 and 30 year. This means that, for example, you could get a 23 year policy.
- Allstate Basic TermThis policy is for buyers who only require a basic level of coverage. All policies have a 15-year term and provide $50,000, $100,000, or $150,000 coverage.
Allstate’s whole, universal and variable universal products are all cash value life insurance policies, which offer a lifetime of coverage and grow in value over time.
Allstate life insurance complaints
According to NerdWallet analysis of data from National Association of Insurance Commissioners, Allstate has received far more complaints than it should for life insurance companies of its size over the past three years.
Guide to buying life insurance
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Make sure that you are getting the coverage you need from the insurance companies you are considering.
Compare rates to ensure that they are comparable in terms of coverage and time. You should also ensure that the policy’s medical requirements are in line with your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
The price of a product may not be the most important factor in your purchase decision. Take a look at the number and quality of complaints received by each company.