Allstate Mortgage Protection Insurance Review: Bad In 2022?

Allstate Insurance

Allstate Mortgage Protection Insurance Review

Kelly Maxwell

Allstate Insurance
Editor’s Rating: 2/5 Stars

Summary

Allstate is a very well-known company but their prices for mortgage protection insurance are above-average. They also have an above-average number of complaints for the insurance industry.

2
ProsCons
✅ Lower rates if very healthy and young❌ Above-average rates
❌ Requires medical exam
❌ Raise rates for blood pressure/cholesterol
❌ Raise rates for family history
❌ Refers you to many other companies

Allstate is a very well-known company that offers many different lines of insurance.

This article covers their mortgage protection insurance and what they offer.

If you want to compare all the top-rated mortgage protection insurance companies fill out our quoter and save.

Table Of Contents

Does Allstate Have Mortgage Protection Insurance?

Yes! Allstate offers mortgage protection insurance for ages 18-60. However, their rates are above average and if you are over 60 they will refer you to someone else.

Allstate Mortgage Protection Insurance Overview

Allstate offers mortgage protection insurance directly and through partnerships with other companies such as Protective.

All Allstate mortgage protection insurance policies require medical exams and they will typically come back with higher rates than advertised after they see the results of the medical exam.

Allstate mortgage protection comes with multiple coverage terms depending on your age, with 10, 15, 20, and 30-year terms available.

What Does Allstate Mortgage Protection Insurance Cover?

Allstate mortgage protection is simply a payout upon your death to pay for all or a portion of the mortgage.

The coverage amount will never go down over time so if you’ve paid off a portion of your mortgage many years from now, it will still pay out the full coverage amount.

In other words, the benefit will never decrease.

Your beneficiary, whoever you select, can use the proceeds to draw from to pay for the mortgage and use whatever is left over to pay for anything else.

It is a cash payment, they can use it for whatever they need.

Allstate Mortgage Protection Insurance Rates

Even if you want to the fully underwritten route with a medical exam, Allstate’s rates are 15-20% higher than their competitors.

And they will vary greatly depending on the results of your medical exam.

They will also look at your driving history, family health history, and other relevant factors.

Anyone taking any blood pressure or cholesterol medication, will raise rates or deny you altogether.

The average Allstate rate for a 40-year-old male with a 30-year $400,000 mortgage protection policy is $820 a year, whereas their competition is only around $680 a year for a comparable policy.

While this might not break the bank, there is no reason to enroll with Allstate when you save hundreds of dollars elsewhere.

Compare 15+ of the top-rated companies with NO EXAM by filling out our quoter.

Is Mortgage Protection Insurance Worth It?

If you have someone that lives in your home that would have a hard time paying the mortgage upon your passing, then you need mortgage protection.

However, it’s not for everyone.

Depending on your age, mortgage protection insurance might not be affordable or worth it.

But it’s worth taking a look to see sample rates for you.

Summary

Overall, Allstate mortgage protection rates are above-average and in our opinion not worth it.

You can find better rates elsewhere if you want to do a medical exam, and if you don’t want to do a medical exam, you’re out of luck with Allstate.

We at Seniors Mutual offer all of the top-rated companies for fully underwritten with a medical exam or simplified issue with no medical exam.

Which route you take is up to you for your mortgage protection insurance.

If you want to find the best rates you’ve to the right place.

Fill out our quoter or give us a chat and we will be in touch to find the best rates for your unique situation.

We look forward to hearing from you!

FAQs