Allstate is a well-known insurance brand, but it no longer underwrites its own life insurance policies. In 2021, Allstate sold its life insurance division to Blackstone, and those policies are now managed by Everlake Life Insurance Company. Today, Allstate agents sell term and permanent life insurance from third-party carriers like Protective Life and John Hancock.
When most people think of Allstate, they picture car insurance and the “You’re in Good Hands” slogan. Allstate is one of the biggest insurance brands in the country, and millions of households already have home or auto policies with them.
But life insurance at Allstate looks very different than it did a few years ago. In 2021, Allstate made a major move that changed everything about how they handle life insurance. If you’re shopping for coverage or wondering what happened to an existing Allstate life policy, this review covers what you need to know.
What Happened to Allstate Life Insurance?
In November 2021, Allstate sold its entire life insurance and annuity division to Blackstone, one of the largest investment firms in the world. The total proceeds were about $4 billion, including Blackstone’s $2.8 billion purchase price.
After the sale, Allstate Life Insurance Company was renamed Everlake Life Insurance Company. Allstate Assurance Company became Everlake Assurance Company. These aren’t small changes. Allstate completely exited the business of underwriting life insurance policies.
So when you hear “Allstate life insurance” today, it doesn’t mean what it used to. Allstate still offers life insurance through its agent network, but the policies come from other insurance companies, not from Allstate itself.
How Allstate Life Insurance Works Now
Today, Allstate agents act as a middleman. They sell life insurance policies that are underwritten and managed by partner carriers. The companies writing these policies include:
- Protective Life (available in all states, including New York)
- John Hancock (all states except New York)
- Foresters Financial (all states except New York)
- Lincoln Financial (all states except New York)
- Corebridge Financial (all U.S. states)
In New York, Protective Life is the only carrier available through Allstate.
What does this mean for you? It means the policy you buy through Allstate is really a Protective Life policy or a John Hancock policy. Allstate’s name is on the door, but another company is backing your coverage.
You can start a term life quote on Allstate’s website, but you’ll need to work with a local Allstate agent to complete the application. Life insurance policies purchased through Allstate are managed by the issuing company, not by Allstate.
Allstate Life Insurance Products
Allstate offers four types of life insurance through its partner carriers.
Term life insurance provides coverage for a set period, anywhere from 10 to 40 years. This is Allstate’s most straightforward option. Many term policies don’t require a medical exam, and coverage limits can range from $100,000 up to $50 million depending on the carrier.
Whole life insurance is a permanent policy with fixed premiums and a guaranteed death benefit. It builds cash value over time and may pay dividends.
Universal life insurance offers flexible premiums and an adjustable death benefit. Some universal life policies tie cash value growth to a stock market index.
Variable universal life insurance includes investment options similar to mutual funds. This is the most complex product Allstate offers.
One important gap to know about: Allstate does not offer final expense insurance. If you’re a senior looking for a smaller policy to cover burial and end-of-life costs, you’ll need to look elsewhere. A final expense insurance policy from a company that specializes in this coverage is typically a better fit.
What About Existing Allstate Policyholders?
If you bought a life insurance policy from Allstate before 2021, your policy is now serviced by Everlake Life Insurance Company. Here’s what that means.
Your coverage hasn’t changed. All the terms, premiums, and guarantees in your original policy are still in effect. The policy just moved from Allstate’s books to Everlake’s.
Everlake currently holds an AM Best rating of A (Excellent) with a stable outlook, affirmed in June 2025. This was downgraded from A+ (Superior) in May 2024 as part of the ownership transition. An “A” rating still means the company has a strong ability to meet its financial obligations to policyholders.
If you have an Allstate term life policy that still fits your needs, you don’t need to take any action. If your term is ending soon or your health has changed, it may be worth shopping for a new policy while you still have options.
For those with permanent policies (whole life or universal life), it’s a good idea to request an in-force illustration from Everlake each year. This shows how your policy is actually performing compared to the original projections.
Pros and Cons of Buying Life Insurance Through Allstate
| Pros | Cons |
|---|---|
| Convenient if you already have home or auto with Allstate | Policies come from third-party companies, not Allstate |
| Possible bundle discounts with other Allstate policies | Must work with an Allstate agent (limited to their carrier options) |
| Term lengths from 10 to 40 years | No final expense insurance available |
| No medical exam required for many term policies | Agents primarily focus on auto and home, not life insurance |
| Access to well-known partner carriers | Can’t compare rates across dozens of carriers like an independent agency can |
Why an Independent Agency May Be a Better Fit
Buying life insurance through Allstate is a bit like shopping for shoes at one store. You’ll find a few options, but you won’t see what every other brand has to offer.
Allstate agents are limited to the handful of partner carriers in their network. An independent life insurance agency works with 30 or more carriers. That means more options, more competitive pricing, and a better chance of finding the right fit for your specific health profile and budget.
This matters even more if you have a pre-existing condition like diabetes or heart disease. Every insurance company evaluates health risks differently. One carrier might decline you while another offers you a preferred rate. An independent agent can shop your case across dozens of companies to find the best outcome.
The same carriers available through Allstate, like Protective Life, are also available through independent agencies. The difference is you’re not limited to just those few options.
Allstate Life Insurance FAQ
Does Allstate still sell life insurance?
Yes, but not their own policies. Allstate sold its life insurance division in 2021. Today, Allstate agents sell life insurance from partner carriers like Protective Life, John Hancock, and Corebridge Financial. The policies are underwritten and managed by those companies, not by Allstate.
What is Everlake Life Insurance?
Everlake Life Insurance Company is the new name for Allstate’s former life insurance division. After Allstate sold the business to Blackstone in 2021, all existing Allstate life policies transferred to Everlake. The company holds an AM Best rating of A (Excellent) with a stable outlook as of June 2025.
Is my old Allstate life insurance policy still valid?
Yes. If you purchased a life insurance policy from Allstate before 2021, your coverage is still in effect. All terms, premiums, and guarantees remain the same. Your policy is now serviced by Everlake Life Insurance Company.
Does Allstate offer final expense insurance?
No. Allstate does not sell final expense insurance through any of its partner carriers. Seniors looking for burial or end-of-life coverage should consider a company that specializes in final expense policies.
Can I get life insurance through Allstate without a medical exam?
In many cases, yes. Several of Allstate’s partner carriers offer term life insurance without requiring a medical exam. Eligibility depends on your age, health history, and the amount of coverage you’re applying for.
Key Takeaways
- Allstate sold its life insurance division to Blackstone in 2021. Policies are now managed by Everlake Life Insurance Company.
- Allstate still sells life insurance, but all policies are underwritten by third-party carriers like Protective Life and John Hancock.
- Everlake holds an AM Best rating of A (Excellent) as of June 2025. Existing policyholders don’t need to take action.
- Allstate does not offer final expense insurance.
- An independent agency can compare rates across 30+ carriers, giving you more options than Allstate’s limited partner network.
Want to compare life insurance rates from 30+ top-rated carriers? Use the quote tool on this page or call us at 1-800-712-8519 to find the right coverage at the best price.
