Everlake Life life insurance

Overview

Everlake Life is the new name of Allstate Life Insurance Company, the life and annuity company Allstate sold to funds managed by private equity firm Blackstone in 2021. If you bought a term, universal, whole or variable life policy or an annuity from an Allstate agent before then, there is a good chance your contract is now an Everlake contract. Everlake does not sell new individual policies; its job is to keep paying claims and servicing the existing ones, and to grow by reinsuring business written by other insurers.

The group has two insurers, both based in Northbrook, Illinois: Everlake Life Insurance Company (formerly Allstate Life Insurance Company) and Everlake Assurance Company (formerly Allstate Assurance Company). Everlake says it has more than 1.5 million policies in force and about $24 billion in assets under management.

The Everlake Holdings group ranked #53 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $614.5 million and a 0.39% share. Those premiums are renewal payments from policyholders keeping their existing coverage in force, not new sales.

History

Allstate Life Insurance Company dates to 1957, when Allstate, then part of Sears, Roebuck, began selling life insurance through its agents. For decades it issued life insurance and annuities sold by Allstate agents, independent agents and banks. Allstate Assurance Company was formed in 2015.

On January 26, 2021, Allstate agreed to sell Allstate Life Insurance Company and Allstate Assurance Company to Everlake US Holdings Company, an entity managed by Blackstone. The sale closed on November 1, 2021, for total proceeds of $4 billion, including Blackstone's purchase price of about $2.8 billion. Allstate Life Insurance Company held about 80% of Allstate's life and annuity reserves. Allstate separately sold its New York company, Allstate Life Insurance Company of New York, to Wilton Re, so New York policies did not go to Everlake. After the sale Allstate agents began offering life and retirement products from other insurers.

The companies were renamed Everlake Life Insurance Company and Everlake Assurance Company, and Allstate mailed endorsements in 2022 changing the insurer's name on existing contracts. Allstate continued to administer the policies for a transition period; servicing then moved in phases to Transaction Applications Group, Inc. (TAG), a subsidiary of NTT DATA, with the last products, including GoodForLife, moving on June 8, 2026.

Since the purchase, Everlake has used its balance sheet for reinsurance, taking on annuity business from other insurers through flow reinsurance and passing much of it on to two affiliated reinsurers, Everlake Reinsurance Ltd. and Herald Reinsurance Ltd., according to AM Best. That pattern is common in private-equity-owned life insurers.

Life insurance products

Everlake does not sell new life insurance. It services the life policies Allstate Life and Allstate Assurance issued, which include:

• term life with conversion rights to permanent coverage;
• universal life, including fixed and indexed versions;
• variable universal life and single premium variable life, sold by prospectus;
• whole life, and smaller products such as GoodForLife, which Allstate serviced until June 2026.

Everlake also administers selected policies issued by Lincoln Benefit Life Company, Surety Life Insurance Company, American Maturity Life Insurance Company and Columbia Universal Life Insurance Company. Many Lincoln Benefit Life policies sold through Allstate agencies were reinsured to Allstate Life when Allstate sold Lincoln Benefit in 2014, which is why their service runs through Everlake (see the Kuvare profile for Lincoln Benefit Life today).

The change of owner does not change your contract. Everlake's FAQ states that the sale does not affect any contractual provisions or guaranteed elements, your policy number stays the same, and Everlake remains subject to the same regulations as before. For a fuller explanation, see when your life insurance policy is sold to another company and closed blocks: what happens to policies a company stops selling.

Other products

Everlake also services fixed and variable annuities (including the Helmsman, Horizon and RightFit variable annuities), structured settlement annuities, pension buyout annuities, a legacy block of long-term care insurance, and the Everlake Advantage Account, a retained asset account used to pay some death benefits.

Buying and service

You cannot buy a new Everlake policy. Existing owners can use the Everlake Customer Hub at customer.everlakelife.com, except for some variable annuities, structured settlements and a few older universal and whole life products. TAG, Everlake's administrator, answers life service calls at 844-953-0347 (Monday to Friday 8 a.m. to 7 p.m. Central, Saturday 8 a.m. to 4:30 p.m.). Variable universal life and other registered products use 833-879-0774, and annuities 844-953-2815. Email goes to [email protected].

Premium payments for most life policies go to Everlake, P.O. Box 6009, Carol Stream, IL 60197-6009; correspondence goes to P.O. Box 83328, Lincoln, NE 68501. If you have several policies, send each payment to the address on that policy's most recent bill.

Claims

Beneficiaries can file a life claim through the Customer Hub or by contacting TAG: call 844-953-0347, fax 833-636-0034, or mail Everlake Life Claims, P.O. Box 83328, Lincoln, NE 68501 (overnight: 777 Research Dr., Lincoln, NE 68521). Variable universal life claims go to P.O. Box 82207, Lincoln, NE 68501, phone 833-879-0774. Expect to provide a certified death certificate and a claimant statement; the claims guide covers the general steps.

Ratings and reputation

AM Best affirmed Everlake Life Insurance Company's and Everlake Assurance Company's financial strength rating of A (Excellent) and issuer credit rating of "a+" on June 18, 2026, with a stable outlook, citing very strong balance sheet strength and capitalization supported by significant retrocession to Everlake Reinsurance and Herald Reinsurance. The rating is lower than when Blackstone bought the company: AM Best reaffirmed A+ (Superior) in March 2023 but moved the outlook to negative, citing the challenges of entering a competitive consolidation market, then downgraded to A (Excellent) on May 9, 2024. Everlake does not publish S&P, Moody's or Fitch ratings.

Everlake was not ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study.

Who it suits

Everlake matters to existing Allstate Life policyholders, annuity owners and their beneficiaries, not to new buyers. For them, the practical points are that the contract terms did not change, the company carries an A (Excellent) rating, and service now runs through TAG rather than Allstate.

• Strengths: A (Excellent) AM Best rating affirmed in June 2026 with very strong capitalization; contracts and guarantees unchanged by the sale; published phone, fax and mail details for each product type; online Customer Hub for most policies.
• Weaknesses: sells no new policies; owned by private equity and relies heavily on affiliated reinsurers; rating cut from A+ to A in 2024; service moved twice in five years (Allstate to TAG), so some owners must track different addresses for different policies.

How to contact Everlake Life