The Allstate Corporation is the largest publicly held life insurance company in the United States. Thanks to its size, heavy advertising and sponsorship of sports events, Allstate is one of the most well-known insurance companies in North America. The company provides insurance to residents of both the United States and Canada; in Canada, Allstate provides life insurance through a partnership with Sun Life Financial. Allstate has been in the insurance business ever since 1931 when it was founded as a part of Sears, Roebuck and Co.; in 1993, Allstate became a publicly traded company, and by 1995, Allstate was an independent company. The company is based in Northbrook, Illinois, and its CEO is Thomas J. Wilson.
Insurance products sold by Allstate include auto insurance, homeowners insurance, renters insurance, condominium insurance, flood insurance, boat insurance, motorcycle insurance, business insurance, supplemental health insurance, long term care insurance and life insurance, just to name a few. In addition, Allstate also provides things like estate planning products, asset management, and retirement products. Allstate sells its products through independent agents instead of a central company.
Allstate sells three different types of life insurance products: term life insurance, permanent life insurance and GoodForLife life insurance. Basic Term and True Term are the two different kinds of term life insurance available. With Basic Term coverage, you can choose to have $50,000, $100,000 or $150,000 in payout benefit amounts. If you are in between the ages of 18 and 45 and have True Term, your benefit amount is a minimum of $200,000; if you are over 46, then your benefit amount is for a minimum of $50,000. Basic Term provides coverage for 15 years, and with True Term, you can choose to have coverage for 10, 15, 20 or 30 years.
Permanent life insurance is designed to provide both lifelong protection and build cash value. The three forms of permanent life insurance available for purchase include universal life insurance, variable universal life insurance and whole life insurance. Unlike term life insurance, which only provides coverage for a certain period of time, these policies are designed to cover you for your entire life. With universal life and variable universal life insurance, you can defer taxes on the accumulated cash value.
GoodForLife life insurance is a unique insurance bundle that includes life insurance, critical illness insurance and severe accident benefits. GoodForLife comes with a $50,000, $75,000 or $100,000 death benefit. If you become seriously ill or suffer severe injuries in an accident, GoodForLife provides $10,000. If you become terminally ill, you have the option of having Allstate advance up to 75 percent of the death benefits. Most insurance companies will discontinue your insurance if you skip premium payments; however, with GoodForLife, you can skip up to six premium payments and still keep your insurance.