The insurance company has used September to underscore the financial security benefits of the coverage.
September is Life Insurance Awareness Month and Allstate has recognized it by spreading the word. The insurer has been sharing information about the ways in which this type of policy can boost a family’s financial security.
There are two primary ways upon which Allstate has been focusing to take advantage of life insurance benefits.
The first is the central component of Life Insurance Awareness Month: buying a policy. That said, it recommends purchasing a policy if it is needed, recognizing that this is not necessarily the case for everyone. The second is for those who already have a life insurance policy, it must be kept up to date. The paperwork and beneficiary information should be current as well as easily accessible to family members.
Life Insurance Awareness Month is a good time for consumers to look at their coverage needs.
According to Allstate Life and Retirement president, Mary Jane Fortin, “Many people who could benefit from life insurance don’t have it – but sometimes, a person life insurance that the family doesn’t know about.” She also added that “Family members may go through unnecessary anguish if they don’t know they can file a claim as beneficiaries of a life insurance policy.”
A report from Allstate outlined the importance of clear life insurance information access to beneficiaries. It underscored the importance of making sure beneficiaries know about a policy and where to find the correct data. It illustrated this point with a story from adjuster who discovered third-party records that informed her of the death of a 42 year old man. Unfortunately, the adjuster tried to contact the deceased man’s wife but she couldn’t reach her at the last known address.
The claims adjuster did some digging for information and was fortunate to stumble across a possible mobile number on a public database that turned out to belong to the wife of the deceased man. When she reached her, the woman had no idea that her husband had been covered by a life insurance policy for $250,000. Her husband had died quite suddenly and she was left to care for children aged 3 and 12. They’d moved in with her parents and she’d gone back to work. The life insurance claim would clearly make an important difference to the family finances.
It is this type of story that illustrates the point Allstate has been trying to share through Life Insurance Awareness Month.