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, disability income, and guaranteed insurability 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. You won't find a well-organized beginner's guide like those offered by some of the best companies. Similarly, Allstate doesn't provide a glossary or FAQ page specific to its life insurance products, so it can be difficult to learn the terminology and nail down the finer details.

THE DETAILS

Details
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 AA-

FEATURES

Title
  • A.M. Best "Excellent" or Better The insurance company has an A.M. Best rating of "A-" or better.

  • ICR Rating "Stable" The insurance company has an A.M. Best Credit Rating of "Stable" or better.

  • S&P Rated "Very Strong" The insurance company has an S&P rating of "AA-" or better.

  • Moody's "Very Strong" The insurance company has a Moody's rating of "Aa3" or better.

  • Cash Value Access The policy owner can access or borrow against the value of policy accounts.

  • Dynamic Premium Amount You decide the amount and date of premium payments, subject to basic minimums.

  • Graded Premium Option The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.

  • Guaranteed Level Premiums Premiums do not increase over time but remain constant for the entire life of the policy.

  • Partial Surrenders You can withdraw funds up to a certain percentage of the policy value.

  • Tax-Deferred Growth The cash value of the policy grows tax-deferred.

  • Term Renewal Guarantee You are guaranteed a renewal option annually after term expiration.

  • Variable Death Benefit A policy where the death benefit increases or decreases with your policy account value is available.

  • Waiver of Monthly Deductions Future monthly deductions are waived in the event of disability.

  • Dividends The policy owner can receive periodic dividends based on account performance.

  • Expiration or Lapse Guarantee The policy does not expire if premiums paid are insufficient.

  • Interest Rate Guarantee You receive a guaranteed minimum level of interest in the contract.

  • Level Death Benefit A policy where the death benefit remains level is available.

  • Limited Premium Payments Whole life insurance premium payments can be limited to a fixed number of years.

  • No Exam Term Conversion The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.

  • Paid-Up Additions You can purchase additional insurance with paid-out policy dividends.

  • Accelerated Benefit for Terminal Illness A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.

  • Accidental Death Benefit A rider that pays an additional death benefit in the event of the accidental death of the insured is available.

  • Additional Insured Rider A rider that extends coverage to an additional person/spouse is available.

  • Child Rider An added rider that covers the death of your child is available.

  • Final Expenses Policy A rider or a policy that covers funeral expenses is available.

  • Disability Income Rider An added rider that provides income in the event of a bodily injury that prevents you from working is offered.

  • Estate Protection Rider A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.

  • Long-Term Care Rider A rider is available that covers the cost of long-term care if needed during the policy term.

  • Whole Life Guaranteed Insurability Rider An option to guarantee future insurability at standard rates without further proof of insurability is available.

  • All Policy Types Term, whole, and universal coverage options are available.

  • Cash Surrender Option Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.

  • Flexible Coverage Options Low initial coverage options below $100,000 are available.

  • Mortgage Life Option A policy in which the death benefit stays level for a fixed number of years but then decreases over the remainder of the term is available.

  • Survivorship/Joint Coverage Option The policy covers two people and is paid when the first or the last of the two people covered in the policy dies.

  • Term Conversion Option Conversion to a cash value or permanent policy is offered by the life insurance company.

  • Return of Premium Option An option is available where the premiums paid over the life of the policy are returned at the end of the term less any deductions or loans taken.

  • Whole Life Vanishing Premium Option A whole life policy whose dividends can be used to reduce future premium payments is available.

  • Email/Ticket An email or ticket system dedicated to support is available.

  • Phone You can get support by phone.

  • Social Media You can contact the insurance provider with questions through social media websites.

  • Live Chat You can get support through live chat.

  • Assignment Clause The insurance policy is freely assignable to anyone.

  • Grace Period The insured has a grace period after missing a premium payment before the policy is cancelled.

  • Incontestable Clause After an initial period, the provider can no longer contest or revoke the policy.

  • No Medical Exam Required A medical exam is not required in order to qualify for a policy.

  • Policy Discount A discount is offered if you hold additional insurance with the life insurance company.

  • Waiver of Premium An option that waives the premium payment if the policyholder becomes disabled or otherwise unable to pay is available.

  • Automatic Premium Loan Provision The insurance provider can automatically pay an outstanding premium with a policy loan, preventing a lapse of coverage.

  • Interest-Free Cash Value Loan You can borrow against the cash value of the policy without paying interest.

  • No Maximum Age No maximum age for policy coverage is imposed.

  • No Maximum Coverage Level The provider does not impose a maximum coverage level.

  • No Minimum Age The provider does not impose a minimum age for policy coverage.

  • No Minimum Coverage Level The provider does not impose a minimum coverage level to start a policy.

  • No Minimum Premium The provider does not impose a minimum premium amount in the early stages of a policy.

  • Learning Resources You have access to online resources that explain the various types of life insurance.

  • Level of Coverage Calculator An online tool to determine the level of insurance coverage that you need is available.

  • Online Agent Contact You can forward the details of your online rate quote directly to an agent for review.

  • Online Quotes You can obtain a term insurance quote online.

  • Policy Selection Guidance A tool or guide to help you select the best type of coverage is offered.

  • Claim Status and Management Death claims can be managed online.

  • FAQs You have access to a collection of relevant frequently asked questions and answers.

  • Glossary You have access to an online resource that explains commonly used insurance terminology.

  • Online Purchase You can purchase a new policy over the Internet.

  • Automatic Payments Premium payments can be automatically scheduled.

  • Bank Account Payment You can pay your premiums with a linked bank account.

  • Credit Card Payment You can pay your premiums with a credit card.

  • Online Premium Payment You can pay your premiums online.

  • Phone Payments You can pay your premiums over the phone.

  • Single Premium Payment An option to pay a single life premium payment up front for whole or universal life insurance is available.

Comparable


We recently added comments and we're amped to hear your input. Keep it civil and intelligent, and be sure to peek at our Community Guidelines before posting. If you'd like to contact the staff, our inbox is always open.