A Legacy of Insurance Strength and Transition
Allstate Life Insurance Company has long been a prominent name in the U.S. insurance market, offering a spectrum of life insurance and financial protection products. Lincoln Benefit Life, originally part of Allstate Financial, was a respected player in life insurance and annuities before being sold to Resolution Life Holdings in 2013–2014. This guide examines the histories, products, unique features, and ongoing service impacts of both companies, providing a rich understanding valuable to American consumers navigating life insurance choices.
Allstate Life Insurance: Product Offerings and Features
Term Life Insurance
Allstate has traditionally offered several term life policies including the Basic Term and TrueFit Term Plans:
- Basic Term: 15-year fixed term, face amounts ranging from $50,000 to $150,000; applicants aged 18-45 eligible.
- TrueFit Term: Flexible term lengths from 10 to 30 years for applicants up to 80, with higher minimum face amounts.
- Key Riders: Accelerated Terminal Illness, Accidental Death Benefit, Children’s Level Term, Waiver of Premium.
- Conversion Options: Allows policyholders to convert to universal or whole life policies without medical underwriting within specified periods, helping maintain coverage if health changes.
Whole Life Insurance
Allstate Whole Life offers guaranteed cash value accumulation with potential dividends enhancing the policy’s value over time. The Allstate Value Builder® program allows increasing death benefits without underwriting, perfect for growing protection needs.
Universal Life Insurance
The Allstate Lifetime UL® policy provides a permanent death benefit alongside flexible premiums and indexed interest opportunities tied to market performance, giving growth potential with safety features.
Annuities
While Allstate has scaled back new annuity sales, historically it offered fixed and variable annuities supporting retirement income through tax-deferred accumulation and guaranteed lifetime withdrawal options.
Lincoln Benefit Life Insurance: Historical Context and Product Legacy
Lincoln Benefit Life was acquired by Resolution Life Holdings in 2013 for $600 million, marking Allstate’s exit from independent annuity sales through Lincoln. Existing Lincoln Benefit Life annuity contracts are now managed by Resolution Life, with a transition period wherein Allstate provided policy servicing.
Lincoln Benefit Life Products Included:
- Standard Life Insurance: Term, whole life, and universal life coverage options catered to personal and business insurance needs.
- Deferred Annuities: Fixed and indexed annuities designed to provide retirement income with tax advantages and principal protection.
- Reinsurance Partnerships: Some variable annuity contracts were reinsured by Prudential, indicating strategic collaborations for risk management.
The sale of Lincoln Benefit Life reflects broader trends of consolidation in the insurance industry, impacting product availability and ongoing policyholder servicing.
Allstate and Lincoln Benefit Life
Allstate Life Insurance Company is a long-standing provider of diverse insurance solutions including term life, whole life, universal life, and annuities across the United States. Lincoln Benefit Life, historically an independent insurer and later part of Allstate Financial, was known for life insurance and annuities before being divested to Resolution Life Holdings. While Allstate actively sells life insurance products, Lincoln Benefit Life no longer writes new policies, although existing contracts remain in force under Resolution Life management.
Product Line Comparison
| Product Type | Allstate | Lincoln Benefit Life |
|---|---|---|
| Term Life Insurance | TrueFit Term, Basic Term with riders; flexible term lengths, conversion options | Historically offered term life; no new policy issuance post-sale |
| Whole Life Insurance | Participating whole life with cash value growth and dividend options | Offered whole life with cash value and participating policies |
| Universal Life | Lifetime UL with flexible premium and indexed options | Available flexible universal life options pre-sale |
| Annuities | Fixed and variable annuities; scaled back recent sales | Fixed and indexed annuities historically offered; now serviced by Resolution Life |
| Riders and Benefits | Accelerated death benefits, accidental death, waiver of premium | Variety of riders pre-sale; current servicing only |
| Market Focus | Individual consumers and small businesses | Individual and institutional life insurance before divestiture |
Key Differences
- Active Sales: Allstate continues to actively market and sell life insurance and annuity products, whereas Lincoln Benefit Life ceased underwriting new policies around 2013 after acquisition by Resolution Life.
- Product Innovation: Allstate offers modern indexed universal life insurance and dynamic term products with customization options. Lincoln Benefit Life’s product innovation has been limited since divestiture, focusing on servicing existing policies.
- Distribution: Allstate has a large agent network nationwide promoting and supporting policyholders, while Lincoln Benefit Life policies are primarily serviced rather than sold as new business.
- Brand Strength & Recognition: Allstate benefits from strong brand awareness as a diversified insurer, whereas Lincoln Benefit Life’s brand is less prominent post-sale.
Consumer Considerations
- Consumers seeking new life insurance policies should consider Allstate for current product availability, flexible plan designs, and widespread agent support.
- Lincoln Benefit Life policyholders should consult Resolution Life for servicing inquiries and ongoing support but will not find new product offerings.
- Policy conversions from term to permanent coverage and riders for enhanced benefits are easy to access with Allstate’s active products.
Conclusion
In the U.S. life insurance landscape, Allstate remains a significant active insurer with a full suite of customizable life and annuity products, benefiting from robust consumer support and modern offerings. Lincoln Benefit Life, although historically important, now primarily services existing contracts under Resolution Life, with no ongoing sales activity. Buyers should align their choice with product availability and service environment considerations.
Customer Considerations and Service Impact
Policyholders transitioning from Lincoln Benefit Life to Resolution Life Holdings may experience changes in policy management contacts and claims handling. Allstate’s withdrawal from direct annuity sales beyond a transitional servicing period has required affected customers to adapt to new providers and potential fee structures.
Current Allstate Life Insurance customers continue to enjoy coverage backed by the company’s well-established reputation, while new customers must evaluate product availability carefully given market consolidations.
Frequently Asked Questions (FAQs)
Q1: Can I still buy new life insurance policies from Lincoln Benefit Life?
A1: No, Lincoln Benefit Life ceased issuing new policies under Allstate’s ownership and later when sold to Resolution Life Holdings.
Q2: How does Allstate’s term life compare to others?
A2: Allstate provides flexible term lengths, competitive premiums, and a variety of riders with simplified conversion options, suitable for varied life stages.
Q3: What happens to my existing Lincoln Benefit Life annuity?
A3: It is now managed by Resolution Life Holdings, with servicing transitions occurring post-2014; policyholders should monitor communications for changes.
Q4: Are dividends guaranteed on Allstate whole life policies?
A4: Dividends are declared annually based on company performance but are not guaranteed; whole life policies do offer guaranteed cash value growth.
Q5: Does Allstate offer indexed universal life insurance?
A5: Yes, the Allstate Lifetime UL® plan links cash value growth to market index performance with downside protection.
Conclusion
The legacy of Allstate Life Insurance Company, combined with the historical significance of Lincoln Benefit Life, illustrates the evolving landscape of the American life insurance industry. Allstate maintains a solid line of life insurance products balancing traditional values with product innovation. Lincoln Benefit Life’s transition reflects industry consolidation trends but also exemplifies continuity of policyholder protections through new ownership.
Corporate Headquarters and Main Contact
Allstate Life Insurance Company of North America
5701 Golden Hills Drive
Minneapolis, MN 55416
Phone: 1-800-950-1962
Website: https://www.allianzlife.com
Note: Allstate Life Insurance operates under Allianz Life Insurance Company of North America, which is its full formal name. The main customer service and claims support are managed through Allianz Life’s contact channels, especially for products like life insurance and annuities.
Customer Service and Policy Support
For existing policyholders and claims:
- Call Allianz Life customer support at 1-800-950-1962
- Visit the My Allianz online portal at https://my.allianzlife.com for policy management, updates, and support
For agents and financial professionals:
- Contact the Allianz Life sales support and agent relations team via the main number or through their dedicated agent support channels available on the website.
Regional Office and Additional Contact Points
- Corporate Office:
5701 Golden Hills Drive, Minneapolis, MN 55416 - Customer Support (General):
Phone: 1-800-950-1962
Available Monday to Friday, standard business hours, for policy questions, claims, and service issues. - Claims Department:
Specific claims inquiries are handled through the contact details provided on individual policy documents, or via the main customer service line.
Read more:
Life Insurance in the U.S. – Life Insurance in the U.S.
Best Life Insurance Policies – Best Life Insurance Policies
Life Insurance for Americans Aged 50-59 – Life Insurance for Americans Aged 50–59
Life insurance after 60 – Life insurance after 60
Term Life Insurance in the U.S. – Term Life Insurance in the U.S.
Umbrella Insurance – Umbrella Insurance
Using Insurance in Estate Planning – Using Insurance in Estate Planning
Whole Life Insurance in the U.S. – Whole Life Insurance in the U.S.