Allstate is a financial services company perhaps best known for its auto and home insurance policies, including motorcycles and other kinds of vehicles, renters insurance, and condo insurance. Allstate also provides several different types of life insurance policies. Show
Though Allstate was founded in 1931, Allstate’s slogan, “You’re in good hands with Allstate,” didn’t come about until 1950. Allstate Insurance Company was founded as a division of catalog company and retail chain Sears, and added other types of insurance over the years to support its growing customer base. In 1993, Sears sold off its stake in Allstate, and the company went public. Allstate offers life insurance from third-party providers. In addition to auto and life insurance, Allstate’s insurance agency offerings and various protection products include home insurance, renters insurance, condo and landlord insurance, motorcycle and ATV insurance, and business insurance. Today, Allstate is one of the biggest auto insurance companies in the country, though, for this overview, we will be focusing on Allstate’s life insurance products. Fast Facts:
Allstate offers life insurance policies for term, whole, universal, and variable universal life insurance with coverage starting at $50,000 for term and universal policies and $10,000 for whole life plans. Term life policies start with minimum terms of just 10 years, but offer the flexibility to convert to a longer-term or even permanent coverage should your personal needs change. With a variety of available riders, you could further customize and enhance your coverage needs. While Allstate’s term policies do not build a cash value, the whole, universal and variable universal life plans do. In fact, with the variable universal policies, there are no limits on how much cash value you can gain or lose, which could improve the financial strength of your retirement portfolio. With whole life plans, you also could receive dividends that could be applied to future premiums, add to your cash value, or buy additional coverage. Although you can get an online estimate for the cost of term insurance, you’ll need to speak with an Allstate agent to get exact pricing for term as well as whole, universal, and variable universal life insurance policies. Allstate life insurance costs depend on a variety of factors including age, gender, where you live, your health condition, tobacco use, lifestyle, type of policy, and how much coverage you want. For example, the standard cost for a 35-year-old female in average health with a 20-year term policy of $1 million in coverage is $30 per month, according to our research. Term life insurance usually is the least expensive coverage you can get because it’s temporary for a specific time. Because they can build cash value over time, whole, universal, and variable universal policies typically cost more for this permanent coverage. Regardless of which type of policy you choose, the more coverage you purchase, the more you will pay in monthly premiums. This also applies to the length of the term. For example, a 30-year term policy for $50,000 coverage will cost more than a 10-year policy for $50,000 coverage. Adding riders to your policy also will increase the monthly premiums. Talk with your local agent to get exact pricing. If you have other insurance plans with Allstate, such as homeowners or auto insurance, you may qualify for a multi-policy discount, which could reduce costs. *Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes. Find the best life insurance for you Get free quotes and compare life insurance policies without your contact information. Whatever kind of life insurance policy you’re looking for, Allstate insurance company probably has it. Allstate offers term life, whole life, universal life, and variable universal life. Allstate’s term life insurance policy is available in short-term and long-term coverage lengths, from a minimum of 10 to a maximum of 30 years. Applicants must be between the ages of 18 and 80. Allstate provides online estimates for a term life policy, but you’ll need to call an Allstate agent to complete an application. The policy provides a tax-free death benefit to the policyholder’s designated beneficiaries. Premiums are fully guaranteed and level during the term period, and the policy includes post-level annually increasing premium scale. A term life insurance policy has the flexibility to be converted to permanent insurance and, as is typical for a term life insurance policy, it does not accrue cash value. Allstate offers the following riders for term life insurance: Terminal Illness Accelerated Benefit, Disability Waiver of Premium, Children’s Term Rider, Primary Insured Term Rider, Additional Insured Term Rider, and Accidental Death Benefit. For more information about the benefits and drawbacks of a term life insurance policy and what to be aware of as you comparison shop, check out our What Is Term Life Insurance? guide. Allstate offers one whole life insurance policy, though it’s available with customizations and options to meet your needs as a policyholder. Whole life insurance from Allstate is available for applicants between the ages of 0 and 80. This is a permanent whole life insurance policy. It’s available only through a life insurance agent, in amounts starting at $10,000. The available premium payment term periods are as follows: To Age 121, To Age 70, 20-Pay, 10-Pay, and Single Pay. The premium is a guaranteed level premium throughout the elected payment period. In addition to a tax-free death benefit paid to the insured’s designated beneficiaries, the policy also provides tax-advantaged cash value accumulation. Other features of Allstate’s whole life insurance policy include excess credit earnings that can be received in cash, accumulated at interest, used to buy additional life insurance or to help reduce premium payments or pay outstanding loans, and guaranteed cash value, which increases regardless of market conditions. Allstate offers the following riders for whole life insurance: Terminal Illness Accelerated Benefit, Chronic Illness Accelerated Benefit, Disability Waiver of Premium, Children’s Term Rider, Primary Insured Term Rider, Guaranteed Insurability Rider, and Paid-Up Insurance Rider. Allstate offers universal life insurance and variable universal life insurance, both available only through Allstate agents. Allstate’s universal life coverage starts at $50,000, while the variable universal life policy starts at $100,000. Both policy types are available from ages 0 to 80. Both policy types feature fully flexible premiums and payment term periods. Both policy types feature a tax-free death benefit and tax-advantaged cash value accumulation. The following riders are available for Allstate’s universal life and variable universal life policies: Terminal Illness Accelerated Benefit, Chronic Illness Accelerated Benefit, Disability Continuation of Premium, Children’s Term Rider, Guaranteed Insurability Rider, Paid-Up Insurance Rider, Overloan Protection Rider, and Accidental Death Benefit. Where Allstate’s universal life policies and variable universal life policies differ is in the way they accrue value. For the universal life policy, the policyholder can link the cash value to the broad performance of stock market index funds, but with limits on how much can be gained or lost; the policyholder can choose a guaranteed annual return option; or, the policyholder can choose a combination of both. With the universal life policy, the policyholder can also increase or decrease the death benefit to meet changing financial needs so long as sufficient premium is paid to keep the policy in force (subject to underwriting approval). For the variable universal life policy, policyholders can choose from a variety of sub-accounts to invest cash value, with higher growth potential but increased risk compared to a universal life policy because there is no limit to how much cash value can be gained or lost. Find the best life insurance for you Get free quotes and compare life insurance policies without your contact information. Though Allstate provides lots of online resources, including quotes for term life insurance, you’ll have to talk to an agent when it comes time to choose and buy your policy. You can call the toll-free Allstate number on the page for the type of life insurance you’re interested in, or you can find an Allstate insurance agent near you or in your ZIP code. For Allstate’s term, whole, and universal life policies, a medical exam may be required based on the applicant’s age, health, and requested coverage. To determine your coverage needs, your Allstate agent will consider your age and risk factors, the amount of income your family will need to replace, your assets and debts, and your financial goals. For Allstate products available in your state, and for your maximum available life insurance coverage, talk to an Allstate agent. An advantage to using Allstate for life insurance is that you may be eligible for a bundling discount if you have other policies with Allstate, such as homeowners insurance, renters insurance, car insurance, or another property policy. When you select a policy, Allstate’s insurance policy documents are available electronically as well as through Allstate’s mobile app. What does Allstate’s life insurance cover?Depending on the type of policy chosen by the customer, Allstate’s various life insurance plans offer options for lifetime coverage or coverage for predetermined terms of up to 30 years. These insurance policies provide benefits after the death of the policyholder to cover various financial needs and obligations. What riders do life insurance policies from Allstate include?To make sure you get the exact life insurance coverage you need, you can customize your policy with add-on riders. Examples include waiver of premium (waives premium if you become disabled and can’t work), accidental death benefit, accelerated death benefit (provides early death benefits if diagnosed with a terminal illness or other events), term rider (adds coverage for a specific period of time), and spouse and children’s riders (provides term coverage on your spouse or children). Additional riders are available to add on to your existing coverage, so speak to an agent for full details. How long do you have to claim Allstate life insurance?Life insurance companies are generally bound by adherence to state laws regarding how long you have to claim insurance benefits. Contact Allstate or an insurance agent directly for more information. How much can you borrow from your Allstate life insurance policy?If you have an Allstate insurance policy with an investment feature, your policy may accrue cash value. Eligible types of policies may include Allstate whole life insurance, universal life insurance, and variable universal life insurance. If you would like to take a loan against your Allstate cash value policy, you can typically borrow up to the policy’s current cash value. Do all Allstate life insurance policies pay dividends?Allstate is not a mutual company, and as such, its policyholders are not eligible for dividends. Does Allstate’s life insurance pay for death by suicide?In general, life insurance companies are bound by state laws regarding payment for suicidal death. Policyholders who have held policies for more than two years are generally eligible for a claim. However, Allstate’s policy may vary by policy type and state, so you should contact the company or an insurance agent directly for more information. If you are contemplating suicide, help is available. Call any time of day for free, confidential support from the National Suicide Prevention Line at 800-273-8255. The organization also operates more than 150 crisis centers that offer encouragement and local resources. Please reach out to them if you are in crisis. Can you get Allstate life insurance if you have cancer?Underwriting is a complex process with many variables. People with certain health conditions, including cancer, should discuss life insurance options with an Allstate agent. Does Allstate life insurance cover a drug overdose?In general, life insurance companies are bound by state laws regarding payment for a drug overdose. Policyholders who have held policies for more than two years are generally eligible for a claim. However, Allstate’s policy may vary by policy type and state, so you should contact the company or an insurance agent directly for more information. Find the best life insurance for you Get free quotes and compare life insurance policies without your contact information. Best Life Insurance Companies of 2022Other Ratings From 360 ReviewsWhy You Can Trust Us: 25 Life Insurance Companies ResearchedAt U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 25 life insurance companies and agencies and analyzed 14 third-party review sources. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations. U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence. Who pays the most for longMedicaid is by far the largest payer of Long-Term Care costs in the US today. Most people find out quickly when they need care that the government is not going to pay their way until they have spent most of their assets.
What age is best for longThe optimal age to shop for a long-term care policy, assuming you're still in good health and eligible for coverage, is between 60 and 65, financial advisers say. Couples might take a look five years earlier.
Who is the best candidate for longIf you're in-between, you might be a good candidate for long-term care insurance if you're in good health, can afford the costs (including possible premium increases), don't want to use most or all of your assets and income to pay for long-term care, and don't want to burden family or friends.
What is Term life Allstate?Term life insurance gives your family protection for a range of time—anywhere from 10 to 40 years. If you pass away, your loved ones will receive a tax-free monetary death benefit. This can help them pay for things like a mortgage, education or other everyday expenses like groceries or childcare. Allstate.
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