Life insurance can be a necessary part of most any financial portfolio. This is because this type of coverage can protect what you have built over time for those whom you love and care about if the unthinkable should occur.
When purchasing this important insurance protection, there are a number of key criteria you will need to keep in mind. For example, the type of policy, as well as the amount of coverage, are essential. However, another important factor to keep at the top of your mind is the insurance company through which you buy the policy from.
This is because you will want the insurer to be strong and stable financially, as well as for it to have a good reputation for paying out its policyholder claims. One such insurance company who meets these essential criteria is Allstate Life Insurance Company.
The History of Allstate Life Insurance Company
Allstate Insurance Company has been in the insurance industry for more than 85 years – and throughout this time, it has built the name and brand recognition of being the “good hands people.” The company offers a wide range of insurance and financial products and services to its customers.
Initially, the company was started by General Robert E. Wood, the same man who was the Chairman of Sears, Roebuck, and Company. In the beginning, Allstate’s mission was to bring service and quality to the automobile insurance industry – and through this, the company introduced a unique rate classification system which offered better auto insurance premium rates for people who were “safer” drivers.
Throughout the years, Allstate Insurance Company has been known for some innovative moves. For example, during World War ll, there were many men who were away on military leave. Because of this, Allstate decided to train women to become insurance agents – and the plan worked quite successfully.
One of the other key criteria which has set Allstate Insurance Company apart is the local agents and offices who work – and live – directly within the communities where they serve. As the company has grown over the many years, it is today considered to be the largest publicly held personal lines insurance company in the United States. Allstate Insurance Company has its company headquarters in Northbrook, Illinois.
Our Allstate Life Insurance Company Review
Allstate Insurance Company has grown exponentially over the years. Today, the company serves more than 16 million households within the United States. Allstate holds approximately $105 billion in assets, and it had a 2015-year end operating income of roughly $2,113 (in millions), as well as year-end revenues for 2015 of approximately $35,653 (in millions).
The company also offers a wide variety of products and services to help its customers to both grow and protect their wealth. The company is also well known for both its diversity, as well as its corporate responsibility.
The company has inclusion as one of its primary core values. It also incorporates many programs which can help its customers to live safer and healthier lives. For example, Allstate’s teen safe driving program not only helps its auto insurance clients to save money on their auto insurance policies but to also drive safer on the roads. This is because it instills in young drivers a much safer way to think and act when they get behind the wheel of a car. The company also provides many resources for parents of young drivers.
In addition, Allstate is also a major sponsor of numerous events such as sports and other events. In doing so, the company supports both large and small entities via its monetary sponsorships, as well as through its employee volunteerism.
Allstate Company Ratings and Grades
Because of its extremely strong financial stability, as well as its positive reputation for paying out policyholder claims, Allstate Life Insurance Company has been given high ratings from the insurer rating agencies. These include:
- A+ from A.M. Best – This is the second highest rating out of a possible 16 categories.
- A+ from Standard and Poor’s – This is the fifth highest rating out of a possible 22 total categories.
- A1 from Moody’s Investors Service – This is the fifth highest out of a total 21 categories.
While Allstate Life Insurance Company is not currently an accredited company through the Better Business Bureau (BBB), the company has been given a grade of A+. This is on an overall grade scale of A+ through F.
Over the past three years, Allstate Life Insurance Company has closed out a total of 1,348 complaints (of which 571 were closed out within the past year). Of these total 1,348 complaints, 622 had to do with the company’s products and / or services, 280 had to do with the company’s delivery issues, 222 were in regard to the company’s billings and / or collections, 214 had to do with advertising and / or sales, and 10 had to do with guarantee and / or warranty issues.
Life Insurance Products Offered by Allstate
There are a variety of different life insurance products offered by Allstate. This is a positive thing, as it can allow the company’s customers to choose the very best coverage for their specific protection needs. It can also allow clients to alter their coverage as their protection requirements change over time. Life insurance plans offered by Allstate include both term and permanent protection.
Term Life Insurance
The term life insurance which is offered by Allstate Life Insurance Company provides death benefit protection only, without any cash value build up. Because of this, it can keep the product affordable – especially for those who are young and in relatively good health at the time of policy application.
Term insurance is frequently thought to be “temporary” life insurance. This is because it is purchased for a set number of years. There are two main term life insurance products currently offered by Allstate Life Insurance Company. These include the following:
- Basic Term Life Insurance Policy – Those who purchase a Basic Term Life Insurance Policy through Allstate can obtain protection for 15 years with a coverage amount of $150,000, $100,000 or $50,000. There is no medical exam required as a part of the application process. Therefore, an applicant who has certain health issues may still be able to qualify for this term life insurance coverage. The amount of the premium is charged for this policy, however, will depend on the health questions answered by the individual.
- TrueFit Term Life Insurance – With the TrueFit Term Life Insurance Policy from Allstate Life Insurance Company, the insured may obtain either ten years or 30 years of coverage protection. This plan also offers the ability to have various “layers” of insurance protection as they are needed. These are based on the insured’s financial scenario. In addition, the premium for this particular policy may also be altered to a lower amount as the requirements of the insured change. There are riders available which can be added to this term insurance plan so it can essentially be customized to more closely fit the needs of the insured.
Permanent Life Insurance
With permanent life insurance, an insured will obtain death benefit coverage, as well as cash value savings. The cash is allowed to grow on a tax-deferred basis. This means the insured will not have to pay any taxes on the gain – provided he or she does not withdraw the funds in the account. The tax will be due on the gain upon withdrawal.
There are several different types of permanent life insurance plans offered by Allstate Life Insurance. For example, the company offers whole life insurance. This type of life insurance provides death benefit protection, as well as a cash value component guaranteed to grow by a set interest rate each year.
With whole life insurance, the amount of the premium is also guaranteed never to go up – which can be a nice advantage, especially for those who are on a fixed budget. Also, the policy cannot be canceled by the insurance company, provided the premium continues to be paid.
Allstate Life Insurance Company also provides universal life insurance coverage or UL. With UL, there is also a death benefit and a cash value or savings component with the policy. These types of plans are considered to be more flexible than whole life insurance.
One reason for this is because the policyholder is allowed, within certain guidelines, to decide how much of his or her premium dollars to place into the death benefit and how much to place into the cash-value component of the policy. They may also be able to change the due date of the policy’s premium. Universal life insurance coverage can be a good option for those who may have changing needs over time.
In addition to regular universal life insurance policies, Allstate Life Insurance Company also offers a type of insurance called variable universal life. Here, the growth of the funds are in the cash value portion of the policy will be determined by underlying equity investments. Because of this, the funds may be able to grow quite a bit. They may also, however, be subject to much more risk due to the added market exposure.
Other Products Offered
Other than life insurance coverage, Allstate Insurance Company offers some other products and services to its customers. These include the following:
- Automobile Insurance
- Homeowners Insurance
- Renters Insurance
- Condominium Insurance
- Motorcycle Insurance
- Business Insurance
- Roadside Assistance
- Boat Insurance
- Motorhome Insurance
- Snowmobile Insurance
- ATV Insurance
- Pet Insurance
- Event Insurance
- Landlord Insurance
- Supplemental Insurance
- Health Insurance
Allstate also offers a way for its clients to invest and save for the future. These options include:
- IRA (Individual Retirement Accounts)
- 529 College Savings Plans
Is Allstate Life Insurance Right For You?
If you are seeking the best life insurance premium quotes, it can typically be helpful to work with either a company or an independent agency who has access to multiple life insurance carriers. This way, you will be able to more directly compare policies, benefits, and premium prices – and from there, determine which will work the best for you and your specific coverage needs.
When you are ready to move forward with determining the insurance coverage which is right for you, we can help. We work with many of the top life insurers in the marketplace, and we can assist you with obtaining all of the key details that you will require. We can do so for you quickly, easily, and conveniently – all from your home computer – and without the need to meet in person with a life insurance agent. If you would like to begin the process now, just simply take a few moments to fill out the form on this page.
We realize the purchase of life insurance can be a big decision. There are a lot of variables you need to consider – and you certainly want to be sure you have chosen the right type and amount of coverage, as well as the right company who will be there if or when a claim needs to be filed by your loved ones.
The good news is we are specialists in the field, and we can guide you every step of the way – from the right amount of coverage to the life insurance company who may suit your needs the best. So, contact us today – we are here to help.