Allstate Life Insurance Review

MoneyGeek’s analysis of Allstate’s life insurance indicates it will suit you best if you want a term life policy with higher coverage limits and don’t want to undergo a medical exam. This insurer is also ideal for those seeking a permanent policy with various investment options.

Since Allstate doesn’t offer final expense insurance, seniors looking for a policy to cover burial expenses might not find it suitable. MoneyGeek found that AARP is the best option for final expense insurance since it doesn’t require you to answer health questions and offers guaranteed acceptance.

The 2022 Insurance Barometer Study from the Life Insurance Marketing and Research Association (LIMRA) shows that 68% of U.S. adults with financial dependents feel more secure after buying an insurance policy.

Allstate offers various types of term and permanent life insurance to its customers. Understanding what each type of policy includes will help you choose the best one for your needs.

You can purchase a term life insurance policy if you want coverage for a specified term, anywhere from 1 to 40 years. If the policyholder passes away when the policy is active, their family will receive a tax-free death benefit that can cover expenses like groceries, child care, mortgage or other everyday expenses.

A term life insurance policy can be ideal for anyone with financial obligations that they don’t want their family to take on after their death. These could include expenses like a mortgage, child care, existing debts, the cost of a funeral or other significant expenses.

A whole life insurance policy is a form of permanent life insurance. It ensures coverage for the duration of your life as long as you pay your premiums on time. It has fixed premiums and death benefits and offers a saving component known as the “cash value.”

Purchasing whole life insurance will make the most sense for individuals with significant financial obligations, like if you own many assets and don’t want your family to pay estate taxes. This policy can also benefit policyholders with medical conditions that need lifelong care since they can take advantage of the cash value.

Similar to a whole life policy, a universal life insurance policy also covers you for the duration of your life, but it offers flexible premiums and death benefits. You also earn interest on your cash value with this policy.

The ideal buyers of a universal life insurance policy are those with long-term financial goals looking for tax-deferred savings. These policies are also great for investors who understand the risk and benefits of the investment options.

A life insurance rider is an add-on that can help you improve your policy’s coverage and make it fit your needs at a more customized level. You can get the following riders with Allstate.

MoneyGeek explains the steps you need to take to buy a life insurance policy that fits your needs. We also share what to do if Allstate doesn’t approve your application.

The following frequently asked questions will help you understand the coverage details of Allstate’s life insurance policies.