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Allstate Life Insurance Review 2021

Bottom line: With many options for coverage but more than its fair share of complaints, Allstate is unlikely to be the best bet for most life insurance buyers.
June 1, 2021
Insurance, Life Insurance
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  • Rated 3 stars out of 5 by NerdWallet.
  • Far more complaints to state regulators about life insurance than expected for a company of its size.

Allstate is best known for its auto and homeowners insurance, but it also sells life insurance. Allstate has announced plans to sell its life insurance subsidiaries later this year.

Allstate life insurance

3.0 NerdWallet rating

Allstate life insurance earned 3 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.

» MORE: Best life insurance companies for 2021

Allstate life insurance pros and cons

Very flexible term lengths.Far more complaints to state regulators than expected for life insurance, relative to the size of the company.
Potential discounts for bundling life insurance with other Allstate policies.

Allstate life insurance policies

Allstate offers term, whole, universal and variable universal life insurance policies.

Term life insurance from Allstate comes in two different versions:

  • Allstate TrueFit coverage is available in amounts between $200,000 and $1 million, though this may vary by your age and state. Flexible policy terms can span any duration between 10 and 30 years. That means, for example, that you can get a 23-year policy if you want.
  • Allstate Basic Term is designed for buyers who need something simple. The policies are all 15 years long and come with $50,000, $100,000 or $150,000 in coverage.

Allstate’s whole, universal and variable universal products are all cash value life insurance policies, which offer a lifetime of coverage and grow in value over time.

Complaints about Allstate life insurance

Over three years, Allstate has drawn far more complaints to state regulators than expected for a company of its size for life insurance, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

More about Allstate

Allstate offers a wide range of other insurance products including auto, home and renters insurance. For details, see our reviews:

The company offers discounts for bundling policies together, so existing customers may find extra savings.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

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