Allstate Life Insurance Company Review
Finding a great life insurance company to protect your loved ones can be a challenge.
Understanding the Ratings
You will be able to find a company with “very unsatisfied” in the low 30% range. You would think that a company with only a 70% (satisfaction) to be a poor company, but this isn’t the case. Allstate actually is one of the better companies around.
This is a satisfactory number believe it or not. One of the things misunderstood about life insurance companies is that life insurance is a not-well-understood field of business. Policy makers seem to write the policies with several loop holes to allow them to get out of paying claims. When this happens, consumers become disgruntled understandably.
I will never understand why policy writers don’t make the policies more simple, and easy to understand. This way the consumers know what they are getting before they purchase. There are several things that come into play here. Sales agents are paid based on the number of policies they sell. So the more policies sold, the more they stand to make on commissions. This may not be a bad thing in itself, but it creates an environment where the agents may be in a rush. Or they may think that since the policy is so complex, if they explain it all, the person may become uninterested.
Either way, it would benefit the companies to write simpler policies that are very easy to understand, that way both the buyer and the seller’s needs are satisfied.
This is not what is happening though. Policies are extremely complex. So everyone except those wiling to do adequate research tend to lose out. The agent can’t really be responsible for explaining every little detail of a policy anyway. Although, they are expected to do this. (nearly impossible in most cases)
So this is what happens. The insurance company gets a bad rap. And…
This is the old 80/20 rule.
80 percent of unhappy customers will be vocal. While only 20 percent of happy customers will report their satisfaction.
There are a few companies that score higher in overall customer satisfaction
Allstate life insurance customer satisfaction ratings as posted by
– http://insurance.freeadvice.com/reviews/3/ (from AMBest website)
Very Unsatisfied 50%
Extremely satisfied 12%
Very Satisfied 11%
I think you could do worse, but these results are not that impressive.
Would they be an okay company to work with? Probably…
But there are some other companies that might try harder to keep your loved ones happy in the event of a claim.
Again though, I can’t advise either way on this one. You will have to be sure on your own if this company is offering a good benefit for your money. In the event of a claim (if you pass away) your loved ones will have to deal with the company anyway. So a good agent may be key on Allstate whether they would work for you. I would venture to say a good agent could make nearly any company look good. Finding good agents though, is another cause for concern. Shop carefully.
Allstate Life Insurance Company – Alternatives for life insurance
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