Allstate Life Insurance Review [2023]

Allstate life insurance reviews are mixed – some customers are loyal for life and love their experience with Allstate. Others are upset with the claims process and how hard it is to get Allstate to honor the insurance riders you can add to your policy. With an A.M. Best and Better Business Bureau rating of A+, Allstate insurance may be the right life insurance company for you.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

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Reviewed by Benjamin Carr
Former State Farm Insurance Agent Benjamin Carr

UPDATED: Jun 29, 2022

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Quick Facts

  • Allstate offers term, whole, and universal life insurance, with several add-on options
  • Allstate doesn’t offer an online option for quotes, so you’ll need to speak with an agent if you are interested in prices
  • A.M. Best and the Better Business Bureau give Allstate an A+, but customer reviews are mixed

If you want to protect your family’s financial future, life insurance is one of the best investments you can make. The most common types of insurance people buy are term and whole life, but there are plenty of options to fit your needs.

Allstate sold its life insurance to Blackstone Insurance Solutions in 2021. You can still buy Allstate life insurance; it’s merely sold through other providers. Since the product information listed below is no longer sold under the Allstate name, you won’t be eligible for a bundling discount if you buy it.

Allstate has an impressive list of life insurance products to meet any need. From short-term plans to permanent universal coverage, Allstate’s insurance plans offer fantastic coverage options.

If you’re in the market for coverage, you should read reviews of Allstate life insurance to see if it might work for you. Then, compare quotes from as many companies as you can by entering your ZIP code into our free tool.

What types of insurance does Allstate sell?

Allstate sells four main types of life insurance: term, whole, universal, and variable universal. It also sells several different riders you can purchase to customize your plan. The insurance that you buy depends on your needs.

Term life is a popular choice because it’s more affordable than whole life plans. Since term life only lasts a set period, it’s best for new parents, people with outstanding debt, new homeowners, and people getting close to retirement.

Whole life is more expensive, but it allows you to lock in a price for the rest of your life. You’ll never have to worry about your policy expiring or passing a medical exam later after health concerns have developed. It also accrues cash value that you can use when you need to.

Universal insurance is another type of permanent life insurance with additional cash value interest.

If you decide Allstate is right for you, you’ll have plenty of options.

Term Life Insurance From Allstate

Term life is typically easy to understand, and Allstate’s is no exception.

Allstate offers term life plans in shorter periods of 10 years, all the way up to 30 years. You can buy a term life plan as long as you are between 18 and 80 years old. Allstate’s term life is level, meaning your death benefit and monthly payments won’t change for the entirety of the policy.

You can choose to convert your term policy into permanent coverage before it expires.

Whole Life Insurance From Allstate

Allstate is one of the biggest insurance providers in the country, but it only offers one type of whole life insurance. However, there are plenty of add-ons that can help you customize your plan.

You can buy a whole life plan if you are between the ages of 18 and 80. You can also buy a whole life plan for minors from infancy to 18. Coverage starts at $10,000, and you have several options for a payment plan.

  • To age 121 (cheapest)
  • To age 70
  • 20-pay
  • 10-pay
  • Single pay

Each of these options gives you control over how you pay your insurance bill. For example, if you select 20-pay, your monthly bill will be split so that you pay for the entire policy in 20 years. Like term life, Allstate’s whole life has level payments.

Unlike term, whole life accrues cash value. You can borrow against that cash value for things like a down payment on a house or financial emergencies.

Universal and Variable Universal Life Insurance From Allstate

Universal life insurance can be tricky to understand, but it’s a permanent life insurance plan at its heart.

Allstate’s universal coverage starts at $50,000, while variable universal begins at $100,000. Both policies are available for ages 0 to 80. Like whole life, your death benefit and cash accumulation are tax-free.

One of the advantages of universal life is that your payments are flexible. If you put more money into your plan than the minimum payment calls for, you’ll earn more interest on your cash value.

The main difference between universal and variable universal is how they accrue value. The standard universal plan allows the owner to link the cash value to the performance of stock market index funds. However, you can only win or lose so much — both gains and losses are capped.

You can also adjust the death benefit to meet your financial needs as they change. You just need to make sure you pay enough each month.

Variable universal offers more choices for the owner. You can choose from multiple sub-accounts to invest your cash value in. There’s higher growth potential with variable universal, but more risk as well. Your policy won’t limit how much you can earn or lose.

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What add-ons does Allstate offer?

As you might expect from a large insurance company, Allstate offers a lot of add-ons you can purchase to customize your plan.

Terminal illness accelerated benefitYesYesYes
Disability waiver of premiumYesYesYes
Children's TermYesYesYes
Primary insured termYesYesNo
Additional insured termYesNoNo
Accidental deathYesYesYes
Chronic Illness Accelerated benefitNoYesYes
Guaranteed insurabilityNoYesYes
Overloan protectionNoNoYes

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As you can see, Allstate earns its reputation for having a top-notch variety of life insurance choices.

How much does Allstate life insurance cost?

Allstate insurance prices are about the same as the national average for life insurance. While your price will vary based on your unique factors, you can get an idea of what your insurance will cost by looking at averages.

Plan detailsTermWholeUniversal
Term20 yearsPermanentPermanent
Annual price $295.68$1,737.12$3,724.92

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Remember that your insurance rates will change when you enter your specifics for a quote. You can check this with the Allstate life insurance calculator.

Allstate Insurance Reviews

Allstate has a reputation for solid customer service, affordable rates, and a massive list of coverage options. However, the true test of a company is its reviews.

Allstate gets great ratings from professional rating companies. For example, A.M. Best rates Allstate’s financial security as an A+ (superior). The Better Business Bureau lists Allstate as an A+, but thousands of complaints are listed on the site.

Customer reviews are mixed. Some customers love Allstate for its service, rates, and ease of access. Customers appreciate that they can access their accounts with a simple Allstate life insurance login.

However, there are many angry customers who write reviews about Allstate. Customers claim that Allstate lags on paying for add-ons that allow you to access your benefit if you become chronically ill.

Customers aren’t thrilled about Allstate’s lack of online options for getting quotes. However, they do enjoy the fact that most other aspects of their life insurance can be accessed online.

To get a quote, you can speak with an agent by phone or visit any Allstate address to get more information directly.

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Find Allstate Life Insurance Rates That Work for You

Life insurance is one of the best ways to protect your family’s future, but it’s a significant investment. You’ll be paying for your insurance for a long time, so it’s vital that you choose the right company. With Allstate’s long list of insurance options and add-ons, you can probably find what you need.

Now that you’ve read Allstate life insurance reviews, you probably have an idea of whether this company is right for you. However, you should always compare companies to ensure you get the best price. Enter your ZIP code into our free tool to see what rates might look like for you.

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