EverLake Life Insurance Company Review 2026

Choosing the right life insurance company is one of the most important financial decisions you can make. For many policyholders, the name Everlake Life Insurance might sound familiar, especially if you’ve held policies with Allstate in the past. Since its formation in 2021, Everlake has taken over legacy life insurance and annuity blocks previously managed by Allstate, aiming to provide stability and long-term support for policyholders.

In this review, we take an in-depth look at Everlake’s financial strength, product offerings, customer experience, and industry standing. Whether you’re considering purchasing a new policy or are already a policyholder navigating the transition from Allstate, this guide gives you the facts you need to make an informed decision.

Company Overview

Rating: A (AM Best), C (Weiss)

Service and claim request: P.O. Box 6009, Carol Stream, IL 60197-6009

Address: 3100 Sanders Rd #303, Northbrook, IL 60062

Phone: (312) 814-2420

Customer service:

• For policies migrated to TAG: 1-844-953-0347
• For other policies: 1-800-366-1411
• For variable life policies: 1-800-865-5237
• For annuities: 1-844-953-2815

Company Background: Who (or What) Is Everlake?

Before evaluating whether you should trust Everlake with a life insurance policy, it’s critical to understand what the company is, where it came from, and who’s behind it.

History & Spin-Off from Allstate

Everlake traces its roots to Allstate Life Insurance Company. In 2021, Allstate sold its life and annuity business to entities managed by Blackstone, a leading investment firm. Following the transition, Allstate Life became Everlake Life Insurance Company (and related affiliates).

So, while Everlake is relatively new in name, it inherits a legacy of life & annuity blocks and servicing operations that date back decades. Everlake claims a heritage going “back to 1957 through the acquisition of Allstate Life Insurance Company.”

However, the spin-off meant structural and accountability changes. Everlake is now ultimately held by Everlake Holdings, LP, with Blackstone as the key backer. In fact, in June 2025, AM Best reaffirmed Everlake’s rating and noted that the ultimate parent is a Blackstone-managed vehicle.

Corporate Structure & Offices

Everlake operates two principal insurance entities: Everlake Life Insurance Company and Everlake Assurance Company. Its home office is in Northbrook, Illinois (3100 Sanders Road, Suite 303) for servicing and administrative purposes.

That said, certain legacy policies (especially universal life / fixed-rate UL blocks) are being moved under servicing by Transaction Applications Group, Inc. (TAG) (effective in phases). Everlake alerts its policyholders that starting August 25 (year unspecified on site) many fixed-rate Universal Life products will transition servicing from Allstate to TAG.

Financial Strength & Ratings

On June 20, 2025, AM Best affirmed Everlake Life Group’s Financial Strength Rating (FSR) of A (Excellent), along with a Long-Term Issuer Credit Rating of “a+” (Excellent), with a stable outlook.

The press release highlighted that Everlake’s balance sheet strength is assessed as very strong, supported by strong operating performance, a neutral business profile, and “appropriate enterprise risk management.”

The rating analysts noted that Everlake has strategic support from Blackstone in scaling and capital backing. They also referenced the company’s execution in acquiring blocks of business and reinsurance deals, which diversifies the revenue base.

Other Ratings & Metrics

• Weiss Ratings (a more consumer-oriented ratings provider) gives Everlake modest marks. According to Weiss, Everlake’s profitability is “fair,” noting low return on equity (~3.0%) and excellent expense control. Weiss also flags that overall capital is fair (scale 0–10) and the company’s stability metrics are average.
• Licensing: Everlake is licensed in nearly all U.S. states (except New York, per one source) for certain insurance lines.
• Market Rank: In the 2025 ranking of top 100 U.S. life & health insurers by admitted assets, Everlake Life Group ranks around #62 with ~$25.9 billion of assets (a modest size relative to giants).

These metrics suggest: Everlake is solid for its size, not yet a behemoth, and subject to more relative risk than stalwarts like New York Life or Northwestern Mutual—but by no means a weak operator.

Pros and Cons of Everlake Life Insurance

Here’s a quick snapshot of the advantages and disadvantages to help readers make informed decisions: 

Life Insurance Products Offered by Everlake

Everlake’s product lineup primarily revolves around legacy policies inherited from Allstate, focusing on life insurance and annuities. While the company doesn’t aggressively market new policies, understanding what they offer is essential for both existing policyholders and prospective customers looking at similar options.

Term Life Insurance

Term life insurance is designed to provide coverage for a specific period, usually 10, 20, or 30 years. Everlake’s term policies, inherited from Allstate, offer:

• Level premiums for the policy term.
• Death benefits are paid to beneficiaries if the insured passes away during the term.
• Optional riders, such as accelerated death benefits, allow access to a portion of the benefit in the event of a terminal illness.

Term life is ideal for policyholders seeking affordable coverage for income replacement, mortgage protection, or educational funding for dependents.

Whole Life Insurance

Whole life insurance policies from Everlake are permanent policies that build cash value over time. Key features include:

• Guaranteed death benefits for beneficiaries.
• Steady cash value accumulation, which can be borrowed against or used to pay premiums.
• Premiums that remain fixed throughout the life of the policy.

Whole life is suitable for individuals planning long-term legacy strategies, estate planning, or those seeking a combination of protection and savings.

Universal Life Insurance

Universal life insurance provides flexible premiums and adjustable death benefits, giving policyholders more control over their coverage. Everlake’s universal life offerings include:

• Options to increase or decrease coverage (subject to underwriting approval).
• Cash value accumulation that earns interest based on current market conditions.
• Flexibility to adjust premium payments, within certain limits.

Universal life is best for those who need adaptable coverage, want to manage long-term financial commitments, and prefer policy flexibility.

Annuities

Everlake also manages annuities, which are primarily used for retirement planning. Features include:

• Guaranteed income streams over a set period or for life.
• Options for fixed or variable payouts.
• Protection of principal (in fixed annuities) and potential market growth (in variable annuities).

While not aggressively targeted at new customers, Everlake’s annuities provide long-term financial security, especially for individuals transitioning from employer-based plans or seeking supplemental retirement income.

Everlake Life Insurance Company Discounts Available

Everlake Life Insurance offers ways to make coverage more affordable:

• Multi-Policy Discounts: Save by holding multiple policies, like life insurance and annuities.
• Payment Options: Annual premiums may lower overall costs.
• Healthy Lifestyle Incentives: Non-smokers or those with regular checkups may qualify for savings.
• Loyalty Benefits: Long-term policyholders could be eligible for premium reductions.

Quick TIp

Check with your Everlake representative to see which discounts apply to your policy.

How to File a Claim with Everlake Life Insurance

Everlake ensures beneficiaries receive the death benefit efficiently. Here’s a clear guide to help you through the process.

1. Gather Key Information

Before starting the claim, collect:

• Policy number
• Policyholder’s full name, date of birth, and Social Security number
• Date and place of death
• Certified copy of the death certificate

Having these ready speeds up processing.

2. Initiate the Claim

You can start the claim online or by phone:

Online: Log in to the Everlake Customer Portal and navigate to claims.

Phone:

• For TAG-managed policies: 1-844-953-0347
• For other policies: 1-800-366-3495

You’ll receive a claim packet including the Claimant Statement Form.

3. Complete the Claim Form

The Claimant Statement Form asks for:

• Deceased policyholder info
• Beneficiary info
• Circumstances of death

Fill it carefully to avoid delays. Customer service can assist if needed.

4. Submit Required Documents

Submit:

• Completed Claimant Statement Form
• Certified death certificate
• Additional documents if requested (ID, medical records, accident reports)

Mailing addresses:

TAG policies:

• Regular: P.O. Box 83328, Lincoln, NE 68501
• Overnight: 777 Research Dr., Lincoln, NE 68501

Other policies:

• Regular: P.O. Box 620068, Dallas, TX 75262-0068
• Overnight: 3300 Olympus Blvd., Suite 400, Coppell, TX 75019
• Or email: LifeClaimReports@allstate.com

5. Track Your Claim

Monitor updates:

• Online: Customer Portal
• Phone: Life Claims Department

Claims are generally processed within 7–10 business days, though complex cases may take longer.

6. Receive Payment

After approval, you can get the death benefit via:

• Check mailed to your address
• Direct deposit to your bank account

Filing a claim with Everlake is straightforward when you have the required documents and follow the outlined steps. Staying organized ensures the process is smooth during a difficult time.

Who Should Consider Everlake Life Insurance?

Everlake may not be the ideal choice for every buyer, but it can be a solid fit for certain situations:

Best For:

• Existing Allstate policyholders whose coverage transitioned to Everlake.
• Individuals seeking financially backed, stable, and reliable insurers.
• Policyholders looking for long-term annuities or permanent life coverage.

Not Ideal For:

• First-time life insurance buyers are seeking aggressive term rates or modern online tools.
• Individuals prioritizing digital management or app-based policy services.
• Customers who want a wide range of new policy options or variable life products.

Reddit User Experiences with Everlake Life Insurance

1. Policy Transition Challenges

A Reddit user mentioned difficulties during the transition of their life insurance policy to Everlake:

“Everlake isn’t super great, and we had many issues during the switch.”
— u/Kot518

This comment suggests that some policyholders may face challenges during the transition process.

2. Legal Actions Against Everlake

In a separate discussion, a Reddit user highlighted a lawsuit involving Everlake Life Insurance:

“San Diego Sues Everlake Life Insurance for Policy Lapse Practices”
— u/ArticleSanDiego

The lawsuit alleges that Everlake failed to provide policyholders with the legally required 60-day grace period before a life insurance policy lapses. This indicates potential legal concerns regarding the company’s policy management practices.

Final Verdict: Is Everlake Life Insurance a Good Choice?

Everlake Life Insurance is a credible option for U.S. buyers seeking competitive pricing, solid financial backing, and long-term stability. While it doesn’t match the scale or brand trust of established insurers, it is far from a risky startup. 

Strengths include strong financial ratings and infrastructure, but some customer service and transition issues remain. Moderately risk-tolerant buyers should include Everlake in their comparison quotes but always compare multiple carriers to ensure the best fit for your needs.