Allstate life insurance reviews facilities people to conceive the insurer and what it offers to the customers. Allstate is an insurance provider that comes along with various plans such as life insurance, auto insurance, renter, and many more. The life insurance in Allstate’s company is offered in three plans term life, whole life, and universal life policies.
Talk about universal life policies, Allstate provides some variable plans. Meanwhile, the company is willing to pay dividends to the policyholders in a whole life insurance policy. Allstate insurer is available to customers up to 80 years old and adds a variety of riders to the life insurance coverage.
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About Allstate Insurance Company, Pros, And Cons
Formerly, Allstate insurance company is founded in 1931 as a division of Catalog Company and retail chain Sears. Then, it made the slogan “You’re in good hands with Allstate,” and the logo “Good Hands” in 1950 but the firm adds life insurance policies in 1950. Allstate becomes the third-party provider and went public after it is sold by Sears in 1993.
Allstate comes as one of the biggest auto insurance companies in the country. Even though, it still provides a lot of insurance policies including life insurance, home insurance, motorcycle and ATV insurance, condo and landlord insurance, renters insurance, and business insurance.
According to recent Allstate life insurance reviews, the policy package saves pros and cons such as below:
Pros
Allstate insurer offers some plans as the life insurance provider including term life, whole life, and also universal life (plus variable universal life). The insurer does not require a medical exam for the policyholders if they purchase term life policies.
Some life insurance products such as TrueFits term policy can be tailored to your need. So, you do not need to force yourself into pre-set plans. Allstate life insurance is very stable and should pay out the death benefit claim without problem in the future. Moreover, it has a financial strength A+ rating on A.M. Best.
Cons
Allstate life insurance does offer an online quote form if your health indicated less perfect. It implies you have to work directly to get a life insurance quote with an Allstate agent. Working directly with an agent may happen if you cannot complete an application for life insurance online as it depends on your state.
Although Allstate life insurance information is available on the website, it’s largely superficial and designed to steer you to an agent. The insurer redirects you to specializes in life insurance products as not all Allstate agents will be able to help you with your life insurance questions. Unluckily, Allstate does not provide a mobile app to make the customers inconvenient in keeping in touch.
Life Insurance Cost in Allstate Insurer
How much does the life insurance cost in Allstate insurance? Allstate life insurance reviews the costs depending on a variety of factors. It is included by age, gender, health condition, lifestyle, tobacco use, where you live, type of policy, and how much coverage you want. For example, an average health female policyholder in 35-years-old takes a 20-year term policy of $1 million and will get the coverage of $30 per month.
Other Allstate life insurance policy costs are revealed by the gender and it takes 20 annual premium installments for the coverage of $1,000,000. Female the aged 35-year-old pays the monthly premium of $30.00, aged 45 pays $67.00, aged 55 pays $158.00 and aged 65 is N/A. Meanwhile, male aged 35 pays$34.00, aged 45 pays $87.00, aged 55 pays $221.00, and aged 65 is N/A.
Term life insurance usually has the cheapest coverage because it’s temporary for a specific time and can build cash value over time. The term life policy is typically less expensive than whole, universal, and variable universal policies with permanent coverage. Apart from what type of policy you choose, you will pay higher monthly premiums if you purchase more coverage.
Popular Products in Allstate Life Insurance Company
Allstate life insurance releases three kinds of life coverage policies consisting of term life, whole life, and universal life. Each life insurance plan will be described clearly by Allstate life insurance reviews in detail.
Term Life Insurance
Term life insurance policy is the cheapest coverage plan in Allstate insurer. It also asks for the lowest premium rate than the whole and universal life plan. The insurer offers term life insurance in short-term and long-term coverage lengths for applicants. It starts with 10, 20, and 30 annual premium payments but you can find 15 yearly installments. The life insurance policy mentions it as a limited Basic Term Life policy.
The policy under a 15-year coverage length does not ask for a medical exam but there is a health questionnaire to fill out. 15-year premium installments can get the coverage of $50,000, $100,000, and $150,000. Besides providing the Basic Term Life policy, Allstate offers the most flexible option named Allstate TrueFit Term Life Insurance policy. The policy allows using a single policy to layer the coverage and match the applicant’s needs over different timespans. Additionally, the TrueFit Term Life policy can be set to various coverage lengths like 10, 20, and 30 years of installment.
Allstate’s term life insurance plan is merely available for applicants between 18 and 80 years old. They should have riders as guaranteed insurability to get some benefits. When the applicant cannot afford the premium, the waiver of the premium rider can protect the policy. Applicants with a rider can get accelerated death benefits if the policyholder is chronically ill. Other benefits of rider life insurance are Disability Waiver of Premium, Children’s Term Rider, Primary Insured Term Rider, Additional Insured Term Rider, and Accidental Death Benefit.
The policy is useful to convert to whole life insurance if the term life policy has expired. The life insurance policy does not accrue cash value but the coverage is free and tax-deferred. The premium is fully guaranteed and level during the period and it includes post-level annually increasing premium scale. Allstate’s term life insurance information is available online but the applicants need to call an Allstate agent to complete an application.
Allstate’s Whole Life Insurance
Based on Allstate life insurance reviews, the Whole life insurance plan includes permanent life insurance. The policy is available with customizations and options to meet the policyholder’s needs. Differ from the Allstate life insurance policy (term life), it serves applicants from 0 to 80 years old. This is permanent life insurance policy is available only through a life insurance agent, in amounts starting at $10,000. The premium payment periods are paid to Age 121, To Age 70, 20-Pay, 10-Pay, and Single Pay.
The Whole life premium is guaranteed throughout the elected payment period but is not adjustable. The policy also guarantees cash value accumulation and the death benefits to a tax-free but as long as the policy is in force. Other advantages of Allstate’s whole life insurance policy are:
- Accumulated interest,
- Excess credit earnings receive in cash
- Purchase additional life insurance
- Assist in paying loans or reducing premium payments
- Guaranteed cash value which increases outside of market conditions
Allstate’s whole life offers the Whole Life Advantage and rider whole life insurance options. The Whole Life Advantage is not only excess credits but also builds cash value at a quicker rate. Meanwhile, the rider’s whole life insurance brings some advantages:
- Chronic Illness Accelerated Benefit
- Terminal Illness Accelerated Benefit
- Children’s Term Rider
- Primary Insured Term Rider
- Disability Waiver of Premium
- Paid-Up Insurance Rider
- Guaranteed Insurability Rider
Universal Life Insurance and Variable Universal Life Policy
The third Allstate insurer plan is a Universal life insurance policy and variable universal life policy. Both are also permanent life insurance types and are available from age 0 to 80. Allstate life insurance reviews add this plan does not available online but through Allstate agents. The policy of Allstate’s universal life resembles a whole life insurance plan as it can build cash value over time. However, the plans and payments can be adjusted as needed.
Regardless of universal life insurance, the variable version allows policyholders of the cash value in options. They can choose a variety of sub-accounts to invest cash value with higher growth potential. But increased risk as to the policyholders never knows how much cash value can be gained or lost.
Talk about universal life coverage, the policyholder can get it from start at $50,000 and $ $100,000 for the variable universal life policy. Both policy types have some similarities in the benefits such as:
- Flexible premiums and payment term period.
- Tax-advantaged cash value accumulation and a tax-free death benefit
- Both have rider life insurance policies with Accidental Death Benefit Overloan Protection Rider, Terminal Illness Accelerated Benefit, Disability Continuation of Premium, Children’s Term Rider, Chronic Illness Accelerated Benefit, Paid-Up Insurance Rider, and Guaranteed Insurability Rider.
Although both have some equivalents, they are different in the way they accrue value. Universal life policy’s policyholder can link the cash value o the broad performance of stock market index funds. Even though, there is a limit on how much can be gained or lost. The policyholder also can choose a guaranteed annual return option or a combination of both.
Allstate’s life insurance reviews add the universal life policy allows the policyholder to change financial needs by increasing or decreasing the death benefit. The run is under underwriting approval as long as a sufficient premium is paid.
Purchase Allstate Life Insurance Policies
A guide to purchasing life insurance is available through some steps. You must consider the typical life insurance you want or you need. The applicants can consult with a life insurance agent to know which life insurance fits them. The agent will introduce the type of life insurance plan and explain it detailed.
Asks the agent whether it allows adding the rider’s life insurance. Calculate life insurance based on need and how long the coverage takes place. Compare the premium rate and the amount of coverage that are the same during the period. Decide to take the life insurance policy with a medical exam or not. Look for customer complaints that the company receives. High numbers can be a red flag about the quality of the company.
Purchase of Allstate life insurance can be started by searching the policy information online. Then, call the Allstate agent near you for a detailed explanation of the policy you want and need. If you want to call the agent, you should visit the website of Allstate life insurance company to get the customer service number.
Conclusion
Allstate life insurance is available in three types of policies term life, whole life, and universal life. Universal life insurance adds a variable universal life policy with some equalities and differences. Well, Allstate life insurance reviews have explained all about the insurer and the policy plan in detail. Even, it adds pros and cons to consider whether you want to purchase the life insurance coverage or not. Think it better because it determines your future along with your loved ones.
