Allstate vs New York Life Insurance: Difference and Comparison

Would your family and loved ones be prepared if something happens to you someday? Does this thought of them without you concerns you?

Allstate and New York life insurance companies totally understand and are genuinely concerned for your family, just like you, and they are totally here for you. 

Key Takeaways

  1. Allstate is a property and casualty insurance company that offers auto, home, and other types of insurance. At the same time, New York Life Insurance is a life insurance company that offers life insurance and other financial services.
  2. Allstate offers a wider range of insurance products than New York Life Insurance, while New York Life Insurance has a long history and more financial stability.
  3. Allstate has a larger customer base than New York Life Insurance, while New York Life Insurance has a higher customer satisfaction rating.

Allstate vs New York Life Insurance

The difference between Allstate and New York Life Insurance is that Allstate ranks at 121 spots in the global top 1000 list while New York Life Insurance ranks 514 in the same list. Though New York Life Insurance company ranks below Allstate, their product quality is better.

Allstate vs New York Life Insurance

Allstate Corporation promises to provide safety to their people from all kinds of life uncertainties and has up to 113 million registered policies. When taking more than one policy from Allstate, customers are provided with good discounts to save money.

New York life insurance company has been in the market for over 175 years and has helped millions of families since then with their acts of love for their people.

Unlike any other company, New York Life ties its customers to a professional consultant to help them choose the best option for them.

Comparison Table

ParametersAllstate CorporationNew York Life Insurance Company
Product QualityRank 3.3 out of 5Rank 3.9 out of 5
CEO ratings73 out of 100 as they don’t have enough information. 87 out of 100 which is 14% more than the ratings of Allstate’s CEO. 
Overall CultureEmployees rate 69 out of 100 to their overall culture experience with business development and marketing as their highest experience departments. Employees rate 84 out of 100 to their overall culture with Customer Support and HR as their highest experience departments. 
Professional DevelopmentEmployees rank their professional development 57/100.Employees rank their professional development 66/100.
Sentiment CultureAllstate ranks 73/100 in terms of their sentiments. New York Life Insurance ranks 90/100 in terms of their sentiments. 

What is Allstate Corporation?

Allstate Corporation is a famous organisation known for selling a large-scale range of insurance policies and products.

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The people who have been there with them for a long time get to enjoy the benefit of saving their money with multi-policy discounts. Allstate also provides valuable discounts if their customers get more than one policy.

They also provide numerous tools that help people know better about their insurance and the policy they invest in. They also provide many educational resources to their customers for them to make wise decisions.

 Allstate Corporation provides many life Insurance policies and plans one could choose from, which also include the Term Life Protection plan and Permanent Life Insurance policy.

In many case scenarios, the candidates have to go through some medical test for the approval of the policy. After the test is done, they get their personal report for their wellness. 

Allstate provides four types of Life Insurance plans Term Life, Whole Life, Universal Life and Variable Universal Life. Term Life Insurance policies are considered the cheapest as they don’t provide permanent security.

On the other hand, Whole life insurance provides coverage for your whole life with a fixed amount. Universal life insurance does provide protection permanently, but the benefits can always be changed according to one’s needs.

And Variable Universal Insurance provides permanent protection with the possibility of the amount getting subdivided to get invested in mutual funds, shares etc.

What Is New York Life Insurance Company? 

New York Life Insurance has served its customers for over 175 years. Standing on the third rank for the largest life insurance company in the states, they rank 71 in the list of Fortune 500.

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They have gained the best possible rankings from the top independent critiques companies Standard & Poor’s, AM Best, Moody’s and Fitch. 

New York Life Insurance company also provides educational resources and tools to their customers to better understand their policy.

Other than life insurance policies, they are also known for providing retail, security products and mutual funds. The New York Life Foundation believes in the act of love, which was shown in the year 2007 when they supported the Comfort Zone Camp.

New York Life provides a wide range of policies with many different life insurances to choose from, with customization available. New York Term life insurance is similar to others, but they have three sub-parts for making it more convenient.

A whole life insurance policy lets your investment increase over time without paying extra for it. Universal life insurance offers three options: universal life(basic), custom guarantee and protection up to 90.

Apart from these policies, thru also offer policies like spouse paid-up, accidental death benefits and chronic care.

Main Differences Between Allstate and New York Life Insurance

  1. Allstate ranks at the spot of 514 in the same list of 1000 Global Top brands. 
  2. Though Allstate is in a higher spot than New York life insurance companies, their product quality is rated less. 
  3. Personal Development of the New York Life Insurance company employees is better than those working with Allstate. 
  4. Even though New York Life Insurance company ranks below Allstate, its market cap is higher. 
  5. Allstate has been in the business for over 80 years, on the other hand, New York Life Insurance has been serving their people for the last 175 years. 
References
  1. https://www.jstor.org/stable/2657346
  2. https://www.cambridge.org/core/journals/journal-of-economic-history/article/eastern-financiers-and-institutional-change-the-origins-of-the-new-york-life-insurance-and-trust-company-and-the-ohio-life-insurance-and-trust-company/57FCD05D38DEE35B21DFF4CF65A3D80B

Last Updated : 13 July, 2023

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