Life insurance can be an essential component in one’s overall financial plan. One of the biggest reasons for this is because the proceeds from a life insurance policy may be used for any number of reasons by the beneficiary. These can include continuation of everyday living expenses, the payoff of large debts (such as a mortgage and/or the insured’s final expenses), and/or for future financial needs such as a child’s or a grandchild’s college tuition payments.
There are many parameters that need to be considered when purchasing a life insurance policy. These can include ensuring that you have the proper type and amount of coverage, as well as the financial strength and stability of the insurance company that you are getting the policy through. This is because you will want the insurer to be there if or when a claim is filed, and to pay out the policy’s benefits promptly to your loved ones. In doing so, financial issues will be one less thing for loved ones to worry about – at an already difficult time in their lives.
One of the top insurance carriers in the marketplace today that has a strong financial foundation, as well as a good, positive reputation for paying its policyholders’ claims is Allstate Insurance Company – the insurer that has long been known as “the good hands people.”
About Allstate Insurance Company
Allstate Insurance Company has been in the business of offering wealth protection and coverage products for over 85 years. General Robert E. Wood – who was the Chairman of Sears, Roebuck and Company – founded Allstate to help bring quality and service to the auto insurance arena. In doing so, Allstate was able to develop its unique classifications for auto insurance coverage, which in turn, was able to provide better premium rates on vehicle insurance coverage (especially for people who were considered to be safe drivers).
Throughout the years, Allstate Insurance Company has come up with various other procedures that have helped the company to be considered a true pioneer in the insurance industry. For instance, during World War Two, there were many men who were away on military leave. Therefore, Allstate started training women as insurance professionals – which turned out to be a highly successful endeavor.
Allstate Insurance Company was also the first company in the industry to have smaller offices that allowed its agents to live and to work in their community. In going this route, the bond between the insurance agents and their clients was significantly strengthened.
In 1993, Allstate became a publicly traded company – and at the time of the company’s public offering, it was the largest in United States history. In June 1995, Allstate Insurance Company became a total independent company, after Sears had divested its remaining shares to the Sears shareholders.
Today, Allstate is the largest publicly held personal lines insurer in the United States. The company’s stock is traded under the New York Stock Exchange symbol ALL. The company is headquartered in Northbrook, Illinois.
Due to its financial strength and stability, Allstate Insurance Company and Allstate Life Insurance Company, have received very high ratings from the insurer ratings agencies. For example, Allstate Insurance has received an A+ from A.M. Best (which is the second highest rating out of 16 total categories), an AA- from Standard & Poor’s (which is the fourth highest out of a total of 22 categories), and an Aa3 from Moody’s Investors Services (and the fourth highest rating out of a total of 21 categories). Allstate Life Insurance has also received an A+ from A. M. Best Company, and A+ from Standard & Poor’s, and an A1 from Moody’s.
While Allstate Insurance Company is not an accredited member of the BBB (Better Business Bureau), the company has been given a BBB grade of A+. This is on an overall grading scale of A+ through F.
Life Insurance Policies Offered Through Allstate
Allstate Life Insurance Company provides both term and permanent life insurance policy options. This can be helpful to its clients in that they can choose the type of coverage that most closely fits their specific needs.
Term life insurance offers pure death benefit protection only, without any cash or savings build up. Because of this more “basic” type of coverage, term life insurance is usually much more affordable than a comparable permanent life insurance policy – with all other factors being equal.
As its name suggests, term life insurance is purchased for a specific term, or time period. These policy lengths can vary from just one year to more than 30 years in some cases. A term life insurance policy can frequently be renewed after its time limit, or term has elapsed. In this case, it is important to note that, at the time of renewal, the amount of the premium will typically be more than it was with the original policy. This is due in large part to the fact that the insured is older.
There are also many term life insurance policies that can be converted over into a permanent policy – and this can often be done without the insured having to take a medical examination, or even to provide proof of insurability.
Permanent life insurance also provides death benefit coverage. However, it will also have a cash value component. Within the cash portion of the policy, money is able to build up and grow on a tax-deferred basis. This means that there is no tax due while the funds are growing – unless or until the money is withdrawn.
The cash can be either withdrawn or borrowed by the policyholder for any purpose. This means that the policyholder could use these funds for paying off debts, supplementing his or her retirement income, or even for taking a nice vacation.
A Closer Look at Term Life Insurance Coverage Through Allstate Insurance Company
Allstate offers several different options for term life insurance protection. The primary options in the term insurance category include the Basic Term Life Insurance Policy and the TrueFit Term Life Insurance.
The Basic Term Life Insurance Policy provides death benefit protection for 15 years – and throughout this period of time, the death benefit coverage will remain level. The premium amount is also locked in.
The Basic Term Life Insurance Policy from Allstate offers several options regarding the death benefit. These include $50,000, $100,000, or $150,000. Those who may have certain medical issues could still be able to qualify for a Basic Term Life Insurance policy through Allstate, as there is no medical examination that is required as a part of the underwriting and approval process. (The application for the Basic Term Life Insurance Policy does, however, require that the application answer certain medical questions).
Without having a medical exam to review, the Basic Term Life Insurance Policy may be approved and issued much more quickly than policies that are fully medically underwritten. With that in mind, this policy may be a viable option for those who need term life insurance coverage quickly.
There is also the TrueFit Life Insurance policy. With this insurance plan through Allstate, an individual may choose either ten years or 30 years of level death benefit coverage. Besides, this policy option offers different “layers” of life insurance protection.
Also, the TrueFit Life Insurance policy may have a reduction in premium amount, as well as a lower amount of premium that is charged over time. To help with better “customizing” this particular life insurance coverage to fit an insured’s specific needs, there are several different riders that may be added to the policy.
Allstate’s TrueFit term life insurance policy is considered to be quite flexible, as it can be specially designed to fit with your changing needs over time. This policy allows policyholders to add targeted “layers” of life insurance protection that are based upon one’s individual financial situation. For instance, coverage can be specifically allocated to various needs such as education expenses, the payoff of a mortgage and/or other loans, everyday expenses of loved ones, and/or income replacement in case of the unexpected.
In addition, this policy also provides the following advantages:
- The flexibility to add options that can maximize coverage for the entire family
- The ability to lower premium costs as needs change
- A good fit that also remains within your budget
This policy allows you to select term life insurance coverage in one-year increments, so as the needs in your life change, so can the amount of your protection. This can offer added peace of mind for both the insured and the beneficiary (or beneficiaries).
Other Products Provided by Allstate
In addition to offering term life insurance policies, Allstate Insurance Company also provides a wide range of other products and services, which include the following:
- Permanent life insurance coverage – including whole life, universal life, and variable life insurance policies
- Voluntary accident and health insurance
- Supplement insurance coverage
- Retirement and investment products – including annuities, 529 college savings plans, IRAs (Individual Retirement Accounts), and mutual funds. (Investments may be offered through Allstate Investments, LLC, and/or Allstate Investment Management Company (AIMCO).
- Auto insurance
- Homeowners insurance
- Renters insurance
- Condominium insurance
- Motorcycle insurance
- Boat insurance
- RV / Motor home insurance
- ATV insurance
- Snowmobile insurance
- Business insurance
- Pet insurance
- Landlord insurance
- Event Insurance
- Roadside assistance coverage
*Note: If an Allstate Insurance Company policyholder purchases multiple policies from this insurer, they may be eligible for a premium discount.
Where to Get the Best Premium Quotes on Allstate Term Life Insurance Coverage
When shopping for the best premium quotes on Allstate term life insurance – or on any life insurance product – it is often recommended that you do so through an independent insurance agency or brokerage. That way, you will be better able to compare the protection and the premium rates from numerous insurance carriers – and from there, you can determine which will be the best for you and your specific needs. If you are having a hard time understanding all the different types of coverage, check out our post on Life Insurance for Dummies!
If you are in the market for term life insurance protection, we can help. We are an independent life insurance broker, and we work with many of the top life insurance carriers in the industry today. We can get you all of the key details that you require for making a well-informed life insurance buying decision – and we can do so for you quickly, easily, and conveniently, directly from your computer, and without you having to meet in person with an insurance agent. If you are ready to move forward, then all you need to get the process started is to just simply fill in the required information on the quote form on this page.
Should you find that you still have any additional questions regarding the Allstate Life Insurance Company term life insurance policies – or even if you just have a question or a concern about life insurance coverage in general – then please feel free to call us directly. Our experts will be happy to walk you through the quote process, as well as to help you with determining the type and the amount of life insurance that works the best for you, as well as for your budget. We can be reached via phone, toll-free, by dialing 877-235-9299.
We understand that the process of shopping for life insurance coverage can be a bit overwhelming. There are many different options that you may have to choose from – but you want to be sure that you go with the one that will provide you and those you care about with peace of mind. This process can be made much easier when you have an ally on your side – and who can provide you with informative, and unbiased, advice. So, contact us today – we’re here to help.
Other Company Reviews For Your Reference:
- AAA Life Insurance Review
- AICPA Life Insurance Review
- Banner Life Insurance Review
- ING Life Insurance Review
- Prudential Life Insurance Review