In addition to providing financial stability, Allstate Life Insurance, the nation’s top personal lines insurer, offers a variety of life insurance plans that may be tailored to fit your individual needs. It’s not typical to find term life insurance policies that offer coverage in one-year increments and don’t need you to take an exam. While its prices are more expensive, it provides direct access to its nationwide network of agents. You may want to compare rates if you’re a senior, smoker, or suffering from a major health condition.
Blackstone will buy Allstate’s life insurance business, with the exception of the New York office, in the second half of 2021. Allstate has yet to clarify what this implies for current and prospective policyholders. We’ll keep this assessment up to current when new data becomes available.
- Pros and Cons of Allstate Life Insurance
- What affects my rate with Allstate life insurance?
- How to get a quote from Allstate life insurance
- I got my quote from Allstate life insurance. What happens next?
- What types of life insurance coverage does Allstate offer?
- Does Allstate offer burial insurance?
- What riders can I add to my Allstate life insurance policy?
- Allstate life insurance reviews and complaints
Pros and Cons of Allstate Life Insurance
- A nationwide network of agents
- The duration of the contract can be changed.
- Medical exams are prohibited by laws.
- Health credit discounts
- Strong in terms of finances
- This insurance can be combined with others from Allstate.
- Only claims made over the phone will be considered.
- A software program for managing policies does not exist.
- Excessive premiums Good underwriting
What affects my rate with Allstate life insurance?
The premium you pay is based on your age, health, lifestyle, and profession. As is customary with most carriers, Allstate reserves its top prices, such as Preferred Elite, for individuals in better financial standing.
When it comes to underwriting, it considers the following factors:
- Tobacco use. To be eligible for the highest rate class, you must be tobacco-free for the last five years. Two celebratory cigars are allowed by Allstate each month.
- Age. Young, healthy applicants frequently get lower insurance premiums.
- Driving tradition. Two moving violations are allowed every three years under the insurance policy, but a five-year driving record free of DUIs and other dangerous driving infractions is required.
- Occupation. Hazardous jobs come with higher insurance premiums.
- Residency is restricted to citizens of the United States. People who have lived in the United States for at least a year get the best deals.
- Alcohol and other narcotic drugs. To be eligible for the preferred rate, you must never have been treated for alcohol or drug misuse.
- Aviation. The premium rate is still available to those who work for US-based airlines.
- It’s a risky way of living. In addition to scuba diving, Allstate wants to know if you’ve taken up any risky pastimes in the recent two years.
- Health. Allegheny is extremely careful in terms of the construction of charts and family history when it comes to cardiovascular diseases such as heart attack or stroke or diabetes occurring before the age of 60. Epilepsy, asthma, major depression, and Crohn’s disease are just a few of the conditions that are frequently excluded from preferential pricing.
- Money that helps you. There are lifestyle credits available through this program, which might help you move up a rating class on your credit report.
- Adding even another layer of protection. You may be able to get a better deal on Allstate life insurance if you bundle it with one of their other products.
How to get a quote from Allstate life insurance
Term life insurance quotes are available solely from Allstate. Call 800-497-7970 to learn more about the company’s life insurance policies or to enroll in one.
- Visit the Allstate website and click on Get A Quote to get a term life insurance quote.
- After that, click on Get Started to begin and enter your zip code into the appropriate field. A series of questions including your name, date of birth, gender, address, and contact information will follow.
- After that, you’ll need to decide on the level of coverage and the duration of the policy.
- After that, you’ll be prompted for health and lifestyle information. Click Next at the end of each page of questions to go on.
- Once this is done, you’ll be provided with a price quote. Please select Finalize With Agent if you are happy with the quotation and want to proceed with the order.
I got my quote from Allstate life insurance. What happens next?
In order to finalize your application, you can request a call from an agent within 15 minutes or schedule a call for a later time.
What types of life insurance coverage does Allstate offer?
Term and permanent life insurance plans are available from Allstate and include the following:
- Term life insurance. In terms of policy types, term life insurance is the most straightforward and cost-effective, covering you for 10 to 30 years. You may acquire coverage for one year at a time or for 15 years with the insurer’s no-exam policy or with its innovative TrueFit policy, which is a flexible option. At the end of the term, you can either renew your insurance or switch to a permanent coverage.
- Insurance on one’s entire life. As long as you keep up with your payments, a whole life insurance policy is the most basic form of life insurance since it never expires. There will be no changes to your premium, and a portion of your premium will be invested to generate a monetary value.
- Life insurance that is universal. This type of insurance offers death benefits and a monetary value over time. The amount of universal life insurance you get is not set in stone; it is flexible, allowing you to customize your payments based on your own financial situation. You also have the option of decreasing or increasing your level of coverage.
- Universal life is variable. Your premiums will be invested in the market if you pick the FutureVest variable universal life insurance policy.. A more aggressive investment component is included, but it, like universal life insurance, provides lifelong protection and rises in value over time. Although the investment is carefully managed to optimize your profits, there is still a certain amount of danger, which is why Allstate only provides this insurance as part of a prospectus.
Does Allstate offer burial insurance?
We do not offer burial insurance, but your loved ones can use the death benefit from another policy to cover your final expenditures.
What riders can I add to my Allstate life insurance policy?
This list of optional riders is subject to change according to your policy and rate class.
- Accelerated death benefits riders. This provision allows you to take up to 80% of the death benefit, up to a maximum of $250,000, to alleviate the financial burden associated with a terminal disease diagnosis.
- Rider for accidental death benefits. If you are killed in an accident, your beneficiary will get an additional benefit from this trust..
- Rider with a child. These riders let you increase your policy’s coverage from $5,000 to $25,000 to include any qualified children.
- Rider for disability income benefits. This rider raises the policy’s value by a set amount each month if you become disabled.
- Liquidity of estate. After the tenth and fifteenth years of your policy, you have a 60-day window in which an alternative surrender value is available.
- Rider provides guaranteed insurability. This add-on enables you to receive additional insurance without having to pass a medical exam during certain time periods.
- Assurance of liquidity. To earn a percentage of the premiums paid back if you surrender the policy before its seventh anniversary, choose this rider.
- Protection against overloads. This rider ensures that your insurance will not lapse even if you take out loans or make withdrawals (at interest).
- Rider with a spouse. With this add-on, you may extend your policy’s benefits to your spouse.
- Rider for term insurance. This add-on increases the permanent insurance’s death benefit for a certain period of time.
- Riders waive premiums. Your subscription is not due if you become totally disabled.
Allstate life insurance reviews and complaints
The Better Business Bureau (BBB) gives Allstate a perfect score for operations and customer satisfaction. Customers have complained about being unable to get information about a deceased family member’s life insurance policy, as well as having low cash values after making premium payments for several years. The company’s superb customer service and inexpensive plans were praised, however as with anything, there are a few positive reviews sprinkled throughout that were easy to acquire permission for.
For more insurance options, check out Allianz Life Insurance Review.