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Allstate Life Insurance Review 2020

Nov. 20, 2020
Insurance, Life Insurance
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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ALLSTATE LIFE INSURANCE

  • Rated 3.5 stars out of 5 by NerdWallet.
  • More complaints to state regulators about life insurance than expected for a company of its size.
Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Allstate is best known for its auto and homeowners insurance, but it also sells life insurance. Allstate has a range of life insurance options with discounts available for auto and homeowners insurance policyholders.

Allstate life insurance

3.5 NerdWallet rating

Allstate life insurance earned 3.5 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 from A.M. Best.

» MORE: Best life insurance companies for 2020

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 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.

ProsCons
Very flexible term lengths.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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. 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 complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best 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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