Everlake Life Insurance Company Reviews: Ratings, Products and More

If you’re considering life insurance from Everlake Life Insurance Company, it helps to understand the provider’s financial strength, products, customer service reputation and more. This comprehensive guide to Everlake reviews covers key details to inform your buying decision.

Introduction to Everlake Life Insurance Company

Everlake Life Insurance Company and its sister company Everlake Assurance Company provide life insurance, annuities and workplace benefits to policyholders across the U.S. Key facts about Everlake:

• Formed in 2021 after acquisition of Allstate Life Insurance Company from Allstate.

• Products include term life, whole life, indexed universal life, fixed and variable annuities.

• Policy administration and services provided by NTT DATA.

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

• Reported $28.5 billion in admitted assets in 2021.

Let’s explore Everlake company reviews, ratings, products and more as you evaluate this life insurance carrier.

Everlake Financial Strength and Ratings

When buying life insurance, it’s critical to choose a provider with strong financial backing to deliver benefits in the future. Here are Everlake’s ratings:

• A+ (Superior) rating from AM Best – This top grade reflects very strong balance sheet, operating performance and risk management. The outlook is negative as of March 2023 due to competitive pressures.

• aa- (Very Strong) Long-Term Issuer Credit Rating from AM Best – This indicates excellent creditworthiness and ability to meet ongoing obligations.

• A+ for financial strength from Fitch – Denotes expectations of low default risk and exemplary financial security.

• A1 insurance financial strength rating from Moody’s – Indicates low credit risk and very strong ability to meet policyholder obligations.

These ratings from independent analysts confirm Everlake’s financial stability and claims-paying ability. The company has strong reserves and capital positions to deliver on promises to policyholders.

Everlake Life Insurance Products

Everlake provides a range of permanent and term life insurance solutions:

• Term Life – Temporary protection at affordable rates in 10, 15, 20 or 30 year terms.

• Universal Life – Permanent cash value coverage with flexible premiums and death benefit.

• Indexed Universal Life – Cash value policy with death benefit linked to stock market performance.

• Whole Life – Guaranteed level premiums with lifelong coverage and cash value savings.

• Survivorship Life – Joint coverage for two insureds that pays upon death of the second policyholder.

For retirement planning, Everlake offers fixed and variable annuities with guaranteed income options. Workplace benefits including group life, disability and dental insurance round out the product portfolio.

Everlake Customer Service Reviews

Understanding Everlake’s reputation for policyholder support and services can inform your buying decision. Here are highlights from Everlake life insurance reviews regarding customer service:

• Everlake gets positive feedback for quick claims payments and efficient processing.

• Phone support teams are based in the U.S. and receive high marks for being knowledgeable and friendly. Wait times are typically short.

• The website and online account portal offer convenient self-service access for payments and policy management.

• Issues with applications or claims are resolved promptly when escalated to management based on reviews.

• Overall Everlake earns above average customer satisfaction scores compared to competitors according to life insurance surveys.

Delivering reliable support during the application process and over the policy lifetime is a key strength mentioned across Everlake company reviews.

Pros and Cons of Everlake Life Insurance

Here is an overview of key advantages and potential drawbacks based on Everlake insurance reviews:

Pros

• Strong financial ratings from AM Best, Moody’s and Fitch
• Broad range of term, whole life, and annuity products
• Positive reputation for customer service
• High marks for claims handling and payments
• Experienced leadership team and personnel

Cons

• Recently acquired, so limited history as standalone insurer
• Competition from larger, more established life insurance brands
• Mixed reviews of underwriting timeframes
• Limited policy and payment options compared to some insurers
• Few discounts or added perks for policyholders

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

Tips for Buying Everlake Life Insurance

If you decide to move forward with getting a quote for Everlake life insurance, keep these tips in mind:

• Work with an independent insurance agent who can provide quotes from Everlake and other top providers for comparison.

• Ask about policy riders to customize coverage for your needs, such as waiver of premium for disability or accelerated death benefits.

• For cash value life insurance, inquire about dividend options – Everlake pays non-guaranteed dividends on eligible policies.

• If you have a high-risk health profile, request details on accelerated underwriting programs that may provide an instant decision.

• Discuss premium financing if you need to spread out payments over 5-10 years rather than paying lump sum.

• Get policy illustrations and projections to understand long-term costs and benefits.

Doing thorough research upfront ensures you secure the right Everlake life insurance product at the best value.

Everlake Life Insurance Reviews: Conclusion

Everlake company reviews indicate policyholders can expect reliable support, efficient claims handling, knowledgeable agents, and trustworthy service from this insurer. Considering Everlake’s ratings, products, and reputation alongside competitors can help you make a wise choice if seeking a new term life or cash value policy. Partnering with an independent insurance advisor provides valuable guidance in getting coverage that aligns with your budget and protection goals.