NORTHBROOK, Ill., Sept. 22, 2011 /PRNewswire/ -- For most of us,
shopping for life insurance ranks high on the "pain" scale, right
alongside preparing your own tax return. Reading just half a
page of fine print in an insurance contract or an IRS instruction
booklet might make you want to run screaming from the room.
"The good news is that life insurance companies have recognized
the need to simplify and better explain their products," said
Shayna Schulz, Allstate vice
president, corporate relations. "Navigating the decision to
purchase life insurance is not as complicated as you might think –
especially with a bit of assistance from a licensed life insurance
agent."
Schulz offers the following tips for individuals who want to
simplify their life insurance decision:
- Seek help from a professional. An insurance agent
can provide a complimentary review of your needs to help you decide
the coverage that's right for you. You might find a referral to a
life insurance agent from your auto insurance agent, accountant or
financial planner.
- Do a little reading beforehand. Spending a bit of
time online can give you some of the basic concepts and
terminology. Two of the most important terms to know are "permanent
life insurance" and "term life insurance." Knowing a few terms and
concepts will give you confidence (and maybe a few questions) when
you meet with your insurance agent. You can find this information
on the websites of insurance companies (such as Allstate, at
www.myallstatefinancial.com/financial-articles-and-calculators) or
not-for-profit organizations (check out the LIFE Foundation at
www.lifehappens.org/life-insurance).
- Look for products you can truly understand. As an
example of the new options now available, Schulz points to a new
"Basic Term" life insurance policy offered by Allstate Life
Insurance Company. People age 18 to 45 can purchase a 15-year Basic
Term policy after a simplified application and shortened approval
process of a few days. Based on your individual situation, you can
choose from among three levels of coverage ($50,000, $100,000
or $150,000). To speed up the closing
process, you can even sign the paperwork via the Internet.
- Go with a company you know and trust. Many
reputable companies sell life insurance, so you shouldn't be
surprised if you are not familiar with a given company's name.
However, you might simplify the life insurance purchase decision if
you begin your shopping with familiar brand names. You also may
want to ask how long the company has offered life insurance to its
customers.
- Choose a company with a good report card. On
their websites, insurance companies often post third party ratings
of their financial strength. For an example, see Allstate's website
at
http://www.allstate.com/about/financial-strength-ratings.aspx.
- Do it now. Sometimes, making excuses for
important financial purchases is more complicated than resolving to
take action. If you've been putting off a life insurance purchase,
consider setting a goal to purchase a life insurance policy during
September – which has been declared Life Insurance Awareness Month
by the nonprofit LIFE Foundation. If you need more inspiration,
view the "realLIFEstories" on the foundation's website.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer known for its "You're In Good
Hands With Allstate®" slogan. Now celebrating its 80th anniversary
as an insurer, Allstate is reinventing protection and retirement to
help nearly 16 million households insure what they have today and
better prepare for tomorrow. Consumers access Allstate insurance
products (auto, home, life and retirement) and services through
Allstate agencies, independent agencies, and Allstate exclusive
financial representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
Allstate Basic Term is a term life policy (LU10987 series in
most states) issued by Allstate Life Insurance Company, Home
Office, Northbrook, Ill. Available
riders include the Accelerated Death for Terminal Illness (LU10990
series). See rider for terms, conditions and restrictions. Subject
to state availability. Other life insurance products are issued by
Lincoln Benefit Life Company, Lincoln,
Neb.; American Heritage Life, Jacksonville, Fla.; and Allstate Life
Insurance Company of New York,
Hauppauge, N.Y.
SOURCE The Allstate Corporation