Peanuts are rich in protein, fat, and fiber. Most of these fats are called good fats. That helps lower your cholesterol levels. Peanuts are also an excellent source of magnesium. However many people are observed to have peanut allergies even though peanut benefits are way higher. Peanut allergy usually develops early in life and rarely increases. It is the leading cause of death from food allergies in the United States.