Allstate Life Insurance Review

Allstate Life Insurance Review

Allstate Life insurance reviews

Allstate Life Insurance is a company headquartered in Northfield Township, Illinois. The company was founded in 1931 as a division of catalog business and later added some other types of insurance. The financial services of this company are well-known for their auto and home insurance policies. It is known to be one of the biggest auto insurance companies in the country. This insurance agency also provides various types of  insurance policies. In addition to this, there are several other offerings and protection, including home insurance, renters insurance, landlord insurance, motorcycle and ATV insurance, business insurance, and much more. 

Pros

The corporation provides customers with several online resources. For example, it offers term, whole, universal and variable universal life insurance options. Moreover, Allstate also provides a bundling discount when you combine insurance with other policies.

Cons

Although, it has a wide range of options to choose from, which can be confusing for the customers. Moreover, the pricing of the insurance policy is slightly on the higher side when compared to other competitors.

Plans offered 

It covers all types of  policies for its customers. In addition to that, it provides three main types of  insurance policies are term life, whole life, and universal life.

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Term Life Insurance

This policy offered by Allstate is called Truefit. This Truefit policy is available to applicants between the age of 18 to 80 years. However, this policy is available in both short-term as well as long-term coverage. The coverage length starts from a minimum of 10 years and ends at a maximum of 30 years. It provides an online estimate for TrueFit term life policy. However, to complete the application process of Truefit term life insurancet, one needs to call an Allstate agent. This Truefit policy provides a tax-free death benefit to the beneficiaries of the policyholder. In addition, it offers flexibility to the customers for converting it into permanent one. Herein, during the term period, the premiums are fully guaranteed and level. Riders offered in Truefit one are: Terminal illness accelerated benefit, Disability waiver of Premium, Children’s term rider, Accidental death benefit, Additional insured term rider, and Primary Insured term rider.

Allstate whole life insurance reviews

It provides one whole life insurance, which is available to applicants aged between 0 to 80 years. This policy also provides customization and additional options to meet the needs and requirements of the customer. It is a permanent whole life insurance policy and can be purchased only through any insurance agent. This policy starts with an amount of $100,000.

The whole life insurance policy offers premium payment term periods that include, To Age 121, To age 70, 20-Pay, 10-Pay and Single pay. In addition, provided premiums are guaranteed level premiums through the elected payment period. Riders provided by Allstate in insurance policy include, Terminal illness accelerated benefit, Disability waiver of Premium, Children’s term rider, Primary insured term rider, Guaranteed insurability rider, Chronic illness accelerated benefit and Paid-up insurance rider.

Universal Life Insurance

Allstate provides the customers with universal life insurance and variable universal life insurance. Both of these are available only through the  agents. The coverage for this starts at $50,000. On the other hand, coverage for variable universal life policies starts at $100,000. Both of these policies are available for applicants aged between 0 to 80 years and provides flexible premiums and payment term periods. 

There is a slight difference between a universal life insurance policy and a variable universal life insurance policy. In the former one, the policyholder can get the cash value linked with the overall performance of stock market index funds. But, it has certain limitations on how much can be gained or lost. Herein, the policyholder can also increase or decrease the death benefit to meet the fluctuating financial needs. While, in the other policy, policyholders don’t have any limitations. They can choose from various sub-accounts to invest their cash value. Moreover, they have higher growth potential, but there’s an increased risk compared to the other.

The riders offered under this policy include, Terminal illness accelerated benefit, Overloan protection rider, Accidental death benefit, Paid-up insurance rider, Children’s term rider, Chronic illness accelerated benefit, and Disability continuation of Premium.

Buying Allstate truefit insurance

Although, it provides plenty of online resources. But, to choose and buy your policy, you will require to speak to an agent. You might also require to appear for a medical exam based on the age and health of the applicant, which will also cover up with the details of required coverage. However, the agent will figure out your requirements and coverage needs based on your age, risk factors, and your family’s needs. The agent will also consider the assets, debts and financial goals. Upon selecting the policy, its documents are available both electronically and through its mobile app.

How to pick a life insurance policy that fits your needs?

Reviews and ranking of Allstate

Allstate offers a wide range of  insurance options that satisfies the needs of most customers. This, in turn, brings  to a good position among other competitors. In addition, it is a preferable option for customers looking for lots of online resources, including FAQs and guides, to clarify their doubts regarding the various types of policies.

It has been ranked 11 in the Best Life Insurance Companies of 2021. In addition to this, it has a rating of 3.8 stars out of 5. It has also received an A+ financial rating from AM Best. If you’re looking for auto and home insurance policies along with plenty of options and online resources, Allstate is just the right choice for you and your family members. 

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