NORTHBROOK, Ill., Sept. 19, 2016 /PRNewswire/ -- Allstate
recommends two ways that you can give your family a gift of
financial security during September's Life Insurance Awareness
Month:
1) Buy life insurance if you need it.
2) If you already have life insurance, make sure your
beneficiary information is up-to-date and the insurance paperwork
is readily accessible to your family.
"Many people who could benefit from life insurance don't have it
– but sometimes, a person has life insurance that the family
doesn't know about," said Mary Jane
Fortin, president, Allstate Life and Retirement. "Family
members may go through unnecessary anguish if they don't know they
can file a claim as beneficiaries of a life insurance policy."
In one case, an Allstate claims adjuster found third-party
records indicating that a 42-year-old insured man had passed away.
However, she received no response when she attempted to contact his
wife at their last known address. The claims adjuster played
detective, and found a possible cell phone number on a public
database. Fortunately, this was in fact the wife's phone
number.
When the adjuster called, the wife said she had no idea her
husband had a $250,000 life insurance
policy. She burst into tears on the phone. After her husband died
suddenly, she and the three children moved in with her parents and
she went back to work. She said she'd just told the children, ages
3 to 12, they probably would never be able to afford to live in
their own home again. She was grateful to learn she could file a
life insurance claim for the funds to help take care of her
family.
Three tips from Allstate
1. Doublecheck your life insurance beneficiaries – and update
names if needed – by contacting your insurance agent or insurance
company. You can find the agent's and insurance company's contact
information on the life insurance policy or premium notices. Make
sure your beneficiaries know they are named on your policy.
2. Know where family members keep copies of their life insurance
policies and other important financial records, and make sure this
paperwork is accessible to you in case of death. (In other words,
don't keep the only records in a safety deposit box that would be
less readily accessible to your beneficiaries.)
3. If you are a beneficiary who needs to file a claim, call the
family member's insurance agent or the insurance company to notify
them of the death. The insurer will send you the necessary forms
and instructions to file the claim. You'll be asked to provide the
person's death certificate, Social Security number, date of birth
and insurance policy number.
But, do you really need life insurance? If so, how
much?
Life insurance is particularly important if you have a spouse
and/or children who depend on you. Most obviously, the insurance's
death benefit can help them cover unpaid medical bills or replace
your income, providing financial assistance during difficult times.
Some life insurance products are used to accumulate savings or as a
source of retirement income. Life events often prompt people to
think about life insurance: when you marry, have a first child,
have additional children or plan to start a business.
As part of September's Life Insurance Awareness Month, Allstate
agents and financial professionals are offering complimentary
insurance check-ups to help you assess your current insurance
coverage based on your long-term financial needs. This information
can help you decide if you need life insurance, how much, what type
and how it can fit into your budget.
"When everything is going well, it's actually the best time to
purchase life insurance," said Fortin. "Insurance prices are based
in part on your age and health when you take out the policy, and
today's prices are very competitive. Don't put off this important
purchase to help ensure your family's financial security."
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting approximately 16
million households from life's uncertainties through auto, home,
life and other insurance offered through its Allstate, Esurance,
Encompass and Answer Financial brand names. Now celebrating its
85th anniversary as an insurer, Allstate is widely known through
the slogan "You're In Good Hands With Allstate®."
Allstate agencies are in virtually every local community in
America. In 2015, The Allstate Foundation, Allstate, its employees
and agency owners gave $36 million to
support local communities.
Life insurance is issued by Allstate Life Insurance Company,
Northbrook, Ill.; Allstate
Assurance Company, Northbrook,
Ill.; American Heritage Life, Jacksonville, Fla.; and in New York, by Allstate Life Insurance Company
of New York, Hauppauge, N.Y.
Securities offered by personal financial representatives
through Allstate Financial Services, LLC (LSA Securities in LA and
PA). Registered Broker-Dealer. Member FINRA, SIPC. Main Office:
2920 South 84th Street, Lincoln,
NE 68506. (877) 525-5727. Check the background of this
firm on FINRA's
BrokerCheck website.
Logo -
http://photos.prnewswire.com/prnh/20130404/MM88193-b
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/give-your-family-a-gift-of-financial-security-during-septembers-life-insurance-awareness-month-300330120.html
SOURCE Allstate Insurance Company