Difference Between Allstate and New York Life Insurance (With Table)

Would your family and loved ones be prepared if someday something happens to you?. 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. 

Allstate vs New York Life Insurance

The difference between Allstate and New York Life Insurance is that Allstate ranks at 121 spot 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 corporation promises to provide safety to their people from all kinds of life uncertainties and have 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 have helped millions of families since then with their act of love for their people. Unlike any other companies, New York Life ties their customers to a professional consultant to help them choose the best option for them.

Comparison Table Between Allstate and New York Life Insurance

ParametersAllstate Corporation New 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 very famous organization that are known for selling a large scale range of insurance policies and products. For the people who are there with them since a long period of time gets to enjoy the benefit of saving their money with their multipolicy discounts. Allstate also provides valuable discounts if their customers get more than one policy. They also provide with numerous tools that helps people to know better about their insurance and policy they are investing in. They also provide many educational resources to their customers for then to make a wise decision.

 Allstate corporation provides many life Insurance policies and plans one could choose from, which also includes 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 that includes Term Life, Whole Life, Universal Life and Variable Universal Life. Term Life Insurance polices are considered to be the cheapest of all as it doesn’t provides a permanent security. On the other hand, Whole life insurance provides the 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 sub divided to get invested in mutual funds, shares etc.

What Is New York Life Insurance Company? 

New York Life Insurance has been serving their customers for over 175 years now. Standing on the third rank for the largest life insurance company in the states, they rank 71 in the list of Fortune 500. They have gained the best possible rankings from the top independent critiques companies that are Standard & Poor’s, AM Best, Moody’s and Fitch. 

New York Life Insurance company is also known to provide educational resources and tools to their customers for them to have a better idea about 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 has been 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. Whole life insurance policy lets your investment increase over time without paying extra for it. Universal life insurance offers three options which are 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 a higher spot than New York life insurance company, their product quality is rated less. 
  3. Personal Development of the employees working in New York Life Insurance company is better than the ones working with Allstate. 
  4. Even though New York life Insurance company ranks below Allstate, their market caps is higher. 
  5. Allstate has been in the business for over 80 years, on the other hand, New York life Insurance is serving their people from the last 175 years. 

Conclusion

In conclusion, both Allstate and New York Life Insurance has been in the life’s of the people for a long period of time. They have been serving their best to their people.

 Even though Allstate ranks in the top of the list, New York Life Insurance still manages to top in terms of their services and experiences that they provide to their employees and their customers. Both the companies have a huge number of plans for their people for every kind to choose from. If planning for a Life Insurance Or any other Insurance, it is recommended to try New York Insurance company first. 

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
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