Term Life Insurance: Allstate
If you are looking to get a term life insurance rate or quote from Allstate, or have gotten a quote already, you probably want to know if term life insurance with Allstate is competitively priced. In this blog post I will compare term life insurance rates among Allstate as well as its competitors which should help you decide if Allstate term life insurance is appropriate for you and your family.
First, I’d like to point out that Allstate is a quality company from the point of view of their financial strength. A.M Best rates Allstate at an A+ rating, which is considered superior. So financial strength is not an issue when it comes to Allstate. However, the question remains, is Allstate competitive when it comes to Term Life Insurance. Well, let’s take a look.
I’ll run a quote for a healthy 40 year old male for a $500,000 20 year term life policy with Allstate and see what the rate is, and then compare it to Allstate’s competitors.
Allstate 20 Year Term Life Insurance Rates
A 40 Year old with a Preferred Plus Non Tobacco rating would pay $45 per month for a 20 year $500,000 term life insurance policy with Allstate. How does that fare up against the competition?
You can find rates that are 30% cheaper than Allstate’s: Here are some other life insurance carriers with more competitive pricing for the same 40 year old 20 year term policy at $500,000:
- SBLI – $30
- PROTECTIVE LIFE $30
- BANNER LIFE $31
- ING $36
- TRANSAMERICA $36
- AMERICAN GENERAL $36
- GENWORTH $38
- MUTUAL OF OMAHA A+ $42
- PRUDENTIAL $43
- ALLSTATE $45
As you can see from the rate comparison, there are a number of high quality companies that are significantly more cost effective than Allstate’s term life rates.
Allstate High Risk Life Insurance
When it comes to pre-existing conditions, I often see people that have been declined by companies such as Allstate, or Statefarm, but many times can get approved with other insurance carriers. Allstate does not specialize in high risk life insurance and I wouldn’t recommend them if you have pre-existing health conditions.
When looking for life insurance, I recommend that you shop for the best rates. What you will find is that Allstate does not generally have the best term life insurance rates. If you are interested in comparing life insurance rates, fill out our quote form below, or contact us for a no obligation quote.
Author: Liran Hirschkorn