Guide to Choosing the Right Life Insurance

Patchogue Allstate Agent Michael Cirigliano wants to make sure Long Islanders aren’t afraid to ask their local Allstate personal financial representative about life insurance.

“If you’ve just had a baby, married, divorced, purchased a home, retired or inherited assets, it’s the perfect time for an insurance review,” said Cirigliano, Patchogue Allstate Agent. “Life insurance costs less than most people think, and an experienced professional will make sure you’re not paying too much money for coverage you don’t want.”

Beyond an insurance review, here are four financial tips for navigating these dramatic life changes without fear:

  • Seek advice. An experienced parent can tell you how to install a car seat or reassure you that crying due to colic will go away “soon.” Similarly, an experienced insurance professional can ask you a few questions to help you determine how much life insurance your family may need to cover both near-term needs (the mortgage payment) and long-term needs (such as college tuition). Estimating college costs for your newborn can be done simply, as well. Average costs for public and private schools—indexed for inflation—are easily determined with free online calculators.
  • Learn the lingo. The Internet has a wealth of information on a variety of financial topics. You can find definitions of basic terms and concepts by visiting not-for-profit organization websites, such as the Financial Planners Association or LIFE Foundation, as well as financial dictionaries such as Investopedia.
  • Take advantage of online tools. For example, check out the life insurance self-assessment at myallstatefinancial.net to learn more about life insurance in light of significant life events, such as a change in marital status, milestone birthday, buying a home or expanding your family. Try the How much life insurance do I need? calculator to get an idea of how much coverage you’d need to protect your family’s way of life if something were to happen to you.
  • Call on someone knowledgeable. For complex financial decisions, it’s reassuring to discuss the facts in person with someone knowledgeable. Rather than the one-size-fits-all information you’ll find online, a real, live human being can tailor information and recommendations to your unique circumstances.

Allstate agents and personal financial representatives are offering a complimentary insurance needs analysis. They will ask questions about your personal situation and goals to help you assess your insurance needs. For example:

  • Your risk profile. Based on your income coming in, expenses going out, and savings, do you have risks that would be difficult or impossible for you to cope with financially? These risks could include death, a serious injury or sickness, a car crash or home fire.
  • Your safety net. Are you likely to be able to improve your financial situation by paying down debt, changing your spending habits or increasing your emergency cash fund? Are you single, divorced or married? Double income or single income? How stable is your employment situation? Do you have life insurance through work?
  • Your needs. What are your needs over the next few years and in the long term? Do you want to fund college, vacations and/or retirement? Is it important for you to provide for elderly parents or leave a legacy to your adult children?
  • Your wants. What are your dreams? A second house, a round-the-world trip, starting a business?

The answers to these questions can help you determine whether you need life insurance–or more life insurance–as well as what type and how much to buy. Contact Michael Cirigliano at 631-758-7225.

Finally, it’s easy to get scared when making major financial decisions, but your Allstate personal financial representative is here to alleviate the fear.

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. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In the 20 years since Allstate became a fully independent public company, The Allstate Foundation, Allstate, its employees and agency owners have donated more than $405 million to support local communities.

Life insurance is issued by Allstate Life Insurance Company, Northbrook, Illinois.; Allstate Assurance Company, Northbrook, Illinois.; American Heritage Life, Jacksonville, Florida.; and in New York, by Allstate Life Insurance Company of New York, Hauppauge, NY.

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