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November 17, 2015

The Hartford no longer sells individual life insurance policies. Their life insurance business was acquired by Prudential in 2012.

Life Insurance

Allstate Review

Although Allstate provides a decent selection of basic coverage options and helpful client support features, life insurance shoppers who need extra protections and guarantees are likely to find better options from other companies.

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The Good

Well-rounded coverage options

Whether you're looking for a term life, universal life, or whole life policy, Allstate offers all the options you need to match your personal goals. The survivorship and joint coverage option offers flexible policy coverage for couples, while the mortgage life option provides mortgage debt relief for your family should you pass away. If your goals change over time, a cash surrender option is available or, under certain conditions, you can elect to convert your policy to better fit your lifestyle. If you're a young adult looking for an affordable policy, you are sure to appreciate Allstate's low minimum coverage requirements, which start at $10,000 for a permanent whole life policy and $50,000 for a term life policy. Though Allstate doesn't provide a return of premium option or a whole life vanishing premium option, many buyers find what they need with Allstate's offerings.

Solid mobile tools

The Allstate mobile app, available for iPhones and Android phones, offers full access to your policy details and provides a quick bill payment function that enables you to pay your premium by credit card or bank transfer. You can even use the app to connect to your personal Allstate agent or to find another agent in your area. Though the app does lack a quote tool, it is available on Allstate's website.

Highly flexible payment options

When it comes time to pay your bill, you can make a telephone payment, log in to your account online, or use the Allstate mobile app payment tool. In most cases, you can pay with your credit or debit card or by setting up a direct transfer from your bank account. You can even enroll in the Allstate Easy Pay Plan, which enables you to set up an automatic transfer from your bank account on any day of the month you choose as long as your payment arrives by your payment due date. Using this option may even save you a little money, as some policies qualify for a discount when you enroll in the Easy Pay Plan.

The Bad

Limited policy riders

With Allstate, you can find common policy riders that provide accidental death benefits, cover funeral expenses, and grant early access to your policy's death benefit to help pay medical costs if you contract a terminal illness. However, important policy riders like those for long-term care and disability income are not available. An estate protection rider is also unavailable, which is an important omission if you're looking to protect your heirs by offsetting certain estate taxes. The relatively poor selection of policy riders is the biggest knock on Allstate life insurance and places the company behind the competition.

Incomplete policy feature offerings

Though Allstate provides several of the most important features policyholders look for, including access to cash value, guaranteed term renewals, and guaranteed level premiums, they miss on several features that are covered by most of their competitors. For example, you won't find relatively common features such as lapse protection guarantees, periodic policy dividends, paid-up additions, or even an interest guarantee that locks in a minimum rate for your policy. Buyers who are interested in converting their policy in the future should note that Allstate does not guarantee the option to complete a conversion without first completing a medical exam. Given Allstate's decent performance in other areas of life insurance, it's surprising they miss on so many popular policy features.

Mediocre online materials

Though Allstate does provide a good online quote tool and the option to immediately purchase a policy, they lack many of the tools and resources critical to the life insurance buying process. Unless you are well versed in the details of life insurance policies and coverage options, you will likely be disappointed in Allstate's selection of education materials.

The Details

General Information

  • A.M. Best FSR Rating: A+
  • A.M. Best ICR Rating: aa-
  • Moody's Rating: A1
  • Policy Offerings: Term, Whole, Universal
  • Standard & Poor's Rating: A+

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