Allstate Life Insurance Company was officially incorporated on March 6, 1957, in the state of Illinois. While the year 1905 is a milestone for major industry peers like Lincoln National and American National, Allstate’s life insurance operations began in the mid-20th century. As of 2026, most legacy Allstate life policies are managed by Everlake Life Insurance Company following a strategic divestiture.
The history of Allstate Life Insurance is a complex narrative of corporate evolution, shifting from a subsidiary of a retail giant to an independent powerhouse, and finally to a specialized entity managed by global investment firms. Understanding the origins of this company requires distinguishing between the Allstate brand, its specific life insurance incorporation date, and the historical context of the year 1905, which often causes confusion for policyholders and researchers alike.
The Incorporation of Allstate Life Insurance Company (1957)
The Allstate Insurance Company (the property and casualty parent) was founded in 1931 as a brainchild of Robert E. Wood, the Chairman of Sears, Roebuck and Co. However, it took more than two decades for the company to expand into the life insurance market. Allstate Life Insurance Company was legally incorporated in 1957 in Illinois.
This expansion was a response to the post-World War II economic boom. As American families moved to the suburbs and purchased homes, the demand for comprehensive financial protection—including life insurance—skyrocketed. Sears leveraged its massive catalog and retail presence to "sell insurance through the mail" and at booths within Sears stores. The incorporation of the life insurance entity allowed the Allstate brand to offer a full suite of protection products, including term life and whole life insurance, to its growing customer base.
By the 1960s, Allstate Life had expanded its footprint across the United States. In 1967, the company incorporated a separate entity, Allstate Life Insurance Company of New York, to comply with the state's unique and stringent insurance regulations. These two entities formed the backbone of Allstate’s life and annuity business for over sixty years.
Resolving the 1905 Disambiguation: Why the Confusion?
Many searches and historical queries link Allstate Life Insurance to the year 1905. However, factual records show that Allstate did not exist in any form until 1931, and its life insurance arm did not exist until 1957. The confusion with 1905 typically stems from three primary sources:
1. The Lincoln National Life Insurance Company
The Lincoln National Life Insurance Company was incorporated on June 12, 1905. There is a frequent naming confusion between Lincoln National and Lincoln Benefit Life Company, which was an Allstate subsidiary for many years. Allstate acquired Lincoln Benefit Life in 1984 (originally founded in 1938) and later sold it to Resolution Life in 2014. Because both "Lincoln" entities are massive players in the life insurance space, the 1905 incorporation date of Lincoln National is often accidentally attributed to Allstate-affiliated businesses.
2. American National Insurance Company (ANICO)
Another industry leader, American National Insurance Company, was also incorporated in 1905. In the competitive landscape of the early 20th century, companies founded during this "Golden Age" of insurance (following the Armstrong Investigation) established the regulatory and product benchmarks that later companies like Allstate would follow.
3. The Armstrong Investigation of 1905
In the history of insurance, 1905 is perhaps the most significant year. The Armstrong Investigation in New York led to a total overhaul of insurance laws, banning certain types of "tontine" policies and requiring more transparent accounting. While Allstate was founded much later, its corporate structure and policy designs were born out of the regulatory framework established by the 1905 reforms.
The Strategic Pivot: Allstate’s Sale to Blackstone (2021)
For decades, Allstate was a "multiline" insurer, meaning it handled everything from auto and home to life and retirement. However, in the 2010s, the company began a strategic shift to focus on its core "Protection" business—primarily auto and homeowners insurance.
In November 2021, Allstate completed the sale of Allstate Life Insurance Company and several of its subsidiaries to entities managed by Blackstone, one of the world's largest investment firms. The sale price was approximately $2.8 billion. This transaction effectively moved the vast majority of Allstate's life insurance and annuity business out of the Allstate Corporation.
The Birth of Everlake Life Insurance Company
Following the acquisition by Blackstone, Allstate Life Insurance Company was rebranded as Everlake Life Insurance Company. Similarly, Allstate Life Insurance Company of New York became Everlake Life Insurance Company of New York.
In 2026, if you hold a policy that was originally issued by Allstate Life Insurance Company, your "carrier of record" is now Everlake. While the branding on your original physical policy may still say Allstate, the legal liability and administrative responsibility lie with Everlake.
Allstate Life Insurance Operations in 2026
While Allstate sold its primary life insurance manufacturing company (the entity that underwrites and holds the risk), the Allstate Corporation remains active in the life insurance market through a brokerage and distribution model.
In 2026, Allstate agents no longer sell "Allstate Life" products produced in-house. Instead, they act as agents for third-party carriers. This allows Allstate to offer life insurance solutions to its customers without the financial volatility and capital requirements associated with maintaining a massive life insurance balance sheet.
Current Product Availability
As of 2026, consumers visiting an Allstate office can typically access the following products through third-party partners such as North American Company for Life and Health Insurance or Lincoln National:
- Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years).
- Whole Life Insurance: Permanent coverage that builds cash value over time.
- Universal Life Insurance: Flexible permanent coverage that allows for adjustments in premiums and death benefits.
- Final Expense Insurance: Smaller policies designed specifically to cover funeral and burial costs.
Comparison of Historically Significant Entities
The following table clarifies the incorporation dates and current status of companies often associated with the "1905 Allstate" query.
| Entity Name | Incorporation Date | 2026 Status / Parent Company | NAIC Code |
|---|---|---|---|
| Allstate Life Insurance Co. | 1957 | Now Everlake Life Insurance Co. | 60186 |
| Allstate Life Ins. Co. of NY | 1967 | Now Everlake Life Ins. Co. of NY | 70866 |
| Lincoln National Life Ins. Co. | 1905 | Lincoln Financial Group | 65676 |
| American National Ins. Co. | 1905 | Brookfield Reinsurance | 60739 |
| Lincoln Benefit Life Co. | 1938 | Resolution Life (Sold by Allstate in 2014) | 65595 |
| Allstate Insurance Co. (P&C) | 1931 | The Allstate Corporation (Publicly Traded) | 19232 |
Managing a Legacy Allstate Policy in 2026
If you are a policyholder who purchased life insurance from Allstate prior to the 2021 sale, you may have questions about the security and administration of your benefits. It is important to distinguish between the brand and the underwriting entity.
Policy Security and Financial Strength
Despite the change in ownership, the terms of your original contract remain legally binding. Everlake Life Insurance Company is required by law to honor the death benefits, cash value accumulation, and premium rates established when the policy was first issued.
In 2026, Everlake maintains significant capital reserves. Rating agencies such as A.M. Best and Standard & Poor’s continue to monitor the financial health of the Everlake entities. Policyholders should review the annual statements sent by Everlake to verify the current financial strength ratings, which reflect the company's ability to pay future claims.
Claims and Customer Service
For policies issued under the Allstate Life name:
- Claims: Beneficiaries should contact Everlake directly to initiate a death claim. The process usually requires a certified death certificate and the completion of claimant forms.
- Payments: Premium payments should be directed to Everlake, not Allstate, unless you have been specifically instructed otherwise by your agent.
- Policy Changes: Requests for beneficiary changes, address updates, or policy loans should be handled through the Everlake customer service portal.
FAQs: Allstate Life Insurance History and Incorporation
Was Allstate Life Insurance actually founded in 1905?
No. Allstate Life Insurance Company was incorporated in 1957. The year 1905 is likely a point of confusion with Lincoln National Life Insurance Company or American National, both of which were incorporated in 1905. Allstate has historical ties to Lincoln through the distribution of products and the previous ownership of Lincoln Benefit Life (1938).
Who owns Allstate Life Insurance in 2026?
The original Allstate Life Insurance Company is now Everlake Life Insurance Company, which is owned and managed by Blackstone. The Allstate Corporation (the parent company of Allstate auto and home insurance) no longer owns this life insurance underwriting business but continues to sell third-party life insurance products.
Is my old Allstate life insurance policy still valid?
Yes. All policies issued by Allstate Life Insurance Company remain valid and are now serviced by Everlake. The transfer of ownership did not change the terms, coverage amounts, or premium obligations of existing contracts.
Why did Allstate sell its life insurance division?
Allstate sold the division to reduce its exposure to interest rate fluctuations and to free up capital. By offloading the life and annuity business, Allstate was able to focus more exclusively on its property and casualty "Protection" brands, which have historically provided more consistent returns for shareholders.
Can I still buy life insurance from an Allstate agent?
Yes. Allstate agents are still licensed to sell life insurance. However, instead of selling an Allstate-branded policy, they will typically offer a policy from a partner carrier, such as North American or Mutual of Omaha. These partners are selected by Allstate for their financial stability and product range.
Professional Guidance and Next Actions
If you are researching "Allstate Life Insurance incorporated in 1905," your next step should be to identify the specific policy or entity you are concerned with.
- Check Your Policy Documents: Locate your physical policy. Look for the NAIC number. If it is 60186, your policy is now with Everlake. If the date 1905 appears, check if the company name is actually Lincoln National or American National.
- Verify the Carrier: If you are looking for information on a deceased relative's policy, use the NAIC Life Insurance Policy Locator Service. This tool helps individuals find lost policies by searching the records of all participating insurance companies.
- Review Financial Ratings: Before making changes to a legacy policy, check the current A.M. Best rating for Everlake Life. If the rating is in the "A" range (Excellent), your policy is generally considered secure.
- Consult an Agent: If you are looking to purchase new coverage, speak with a representative to compare the third-party products Allstate currently offers against the broader market.
The landscape of life insurance is significantly different in 2026 than it was in 1905 or even 1957. While the names and owners of these companies change, the underlying promise of financial protection remains a cornerstone of the industry.
