Everlake Life Insurance Company Reviews: Your Guide to Policies, Claims, and More

Choosing the right life insurance company is an important decision. You want to ensure the provider is financially stable and offers the products and services you need. In this comprehensive review, we’ll explore key factors to consider with Everlake Life Insurance Company.

Everlake Life Insurance Company and its affiliate Everlake Assurance Company began operating in 2021. The companies were formed after Everlake U.S. Holdings acquired Allstate Life Insurance Company and Allstate Assurance Company.

Everlake offers a range of insurance solutions including term life, whole life, universal life indexed life and annuities. The company focuses primarily on life and retirement planning products. Key highlights

• Rated A+ (Superior) for financial strength by AM Best.

• Reported $285 billion in total admitted assets in 2021

• Policy administration and services provided by NTT DATA.

• Products sold through independent insurance agents and financial advisors.

Now let’s take a deeper look into Everlake’s financial ratings, products, customer service, and more.

Everlake Financial Strength and Ratings

Choosing an insurer with strong financial backing is crucial for ensuring payout of future claims. Here are Everlake’s key financial ratings:

• A+ (Superior) from AM Best: This top rating reflects Everlake’s very strong balance sheet, operating performance, and risk management capabilities.

• aa- (Very Strong) from AM Best: Indicates excellent creditworthiness and ability to meet ongoing obligations.

• A+ rating from Fitch: Shows extremely strong financial security and low default risk.

• A1 rating from Moody’s: Denotes low credit risk and very strong claims-paying ability.

These ratings from independent analysts affirm Everlake’s stability and ability to deliver on promises to policyholders. The company maintains excellent reserves and capital positions.

Everlake Life Insurance Products

Everlake offers an array of permanent and term life insurance solutions:

• Term life: Affordable temporary coverage with 10- to 30-year policy term lengths.

• Universal life: Permanent cash value coverage with flexible premiums and adjustable death benefit.

• Indexed universal life: Cash value policy with death benefit linked to stock index performance.

• Whole life: Guaranteed level premiums for life with cash value savings.

• Survivorship life: Joint policy covering two insureds that pays upon second death.

For retirement income, Everlake provides fixed and variable annuities. The company also offers group insurance policies.

Everlake Customer Service Reputation

Understanding an insurer’s reputation for customer support can inform your buying decision. Here are Everlake customer service highlights:

• Quick claims processing: Everlake earns positive marks for prompt claims payments.

• Knowledgeable staff: Phone support teams based in the U.S. receive high ratings for friendly and helpful service.

• Convenient online access: Customers can manage policies and payments through the website and portal.

• Issue resolution: According to reviews, problems are quickly resolved when escalated to management.

• Above average satisfaction: Everlake scores higher than competitors in insurance customer surveys.

Delivering reliable ongoing support is regarded as an Everlake strength in consumer feedback.

Pros and Cons of Everlake Life Insurance

Based on Everlake insurance reviews, here are some key advantages and potential limitations:

Pros

• Multiple high financial strength ratings
• Wide range of permanent and term life products
• Positive reputation for customer service
• Efficient claims handling processes
• Experienced executive leadership team

Cons

• Relatively new company with limited operating history
• Less brand recognition than larger insurers
• Mixed reviews on application timeframes
• Fewer policy customization options than some competitors
• Limited extras like discounts or rewards programs

Weighing these pros and cons allows you to make an informed choice when evaluating Everlake.

Tips for Buying an Everlake Life Policy

If you decide to get a quote from Everlake, keep these tips in mind:

• Work with an independent insurance agent to compare Everlake to other top providers.

• Inquire about riders to customize coverage for your specific needs.

• Ask about dividend options if considering a participating whole life or universal life policy.

• Discuss accelerated underwriting programs if you have health conditions.

• Consider premium financing to spread out payments over time.

• Review detailed policy illustrations and projections before deciding.

Doing thorough research helps ensure you secure the right Everlake product and value.

Frequently Asked Questions

1. Is Everlake a good life insurance company?

Yes, Everlake has strong financial ratings and positive customer reviews, indicating it is a good option for life insurance. Key strengths include efficient claims handling, knowledgeable staff, and products to suit different needs.

1. Is Everlake part of Allstate?

No, Everlake was previously Allstate Life Insurance Company but was acquired by Everlake U.S. Holdings in 2021. It now operates as an independent company.

1. How long has Everlake Life Insurance been in business?

Everlake itself was founded in 2021. However, it has legacy operations dating back to 1957 through its previous identity as Allstate Life Insurance Company.

1. Did Allstate change its name to Everlake?

Yes, after its acquisition by Everlake U.S. Holdings, Allstate Life Insurance Company was rebranded as Everlake Life Insurance Company in 2021. Its sister company Allstate Assurance Company was renamed Everlake Assurance Company.

1. What insurance products does Everlake offer?

Everlake provides a range of permanent and term life insurance, including whole, universal, and indexed universal life policies. The company also offers fixed and variable annuities for retirement income needs.