NORTHBROOK, Ill., Oct. 15, 2013 /PRNewswire/ -- Whether you've dated forever or had a whirlwind romance, enjoyed a big wedding or kept it simple, one fact appears to be almost universal - those first months and years of marriage are a big adjustment.

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Money matters are a source of potential conflict once the honeymoon is over, as illustrated by the couple in this video: A Bad Situation. This video touched on themes uncovered in the Allstate Life Tracks survey released earlier this year, in which just half (50 percent) of Americans said they have enough money left over at the end of the month after paying for essentials.

"In real life, it's no laughing matter when partners have different approaches to financial matters but don't talk much about it before they marry," said Don Civgin, president and chief executive officer of Allstate Financial. "As you focus on the obvious money decisions, such as developing a joint budget and savings plan, insurance may be put on the back burner. That can be a big mistake."

Five insurance tips for newlyweds from Allstate:


    --  Assess your insurance needs. Make sure you have the right amount of
        homeowners' or renters' coverage for your newly combined possessions.
        Don't forget to insure your beautiful and costly-to-replace engagement
        ring via an insurance rider to your homeowners' policy. In addition, you
        may want life insurance to help repay the mortgage and take care of your
        children, should one of you die unexpectedly. Depending on your age and
        personal health situation, you also may want to consider disability
        insurance.
    --  Consolidate your financial relationships. You each may have an
        accountant, insurance agent and financial planner. Now that you're a
        family, you should choose a single relationship in each area - whether
        that is a current advisor or someone new to both of you. You can rely on
        referrals from family or friends, or ask for a referral from other
        professionals you currently deal with and trust. For example, your
        insurance agent is likely to know financial planners in your community.
        A financial planner may be able to refer you to a local attorney or
        accountant.
    --  Update your records. Make sure you are the beneficiaries of each other's
        existing life insurance policies.
    --  Combine your "just in case" files so that you can quickly find important
        financial documents just in case one of you is incapacitated or dies
        unexpectedly. The files should include insurance policies, wills and
        other legal documents (such as trusts, durable powers of attorney,
        living wills and healthcare proxies). Store originals in a safety
        deposit box and make sure each of you signs the form to have access to
        the box.
    --  Consider combining your health insurance. If you both have health
        insurance through work, compare the coverage to see if it makes sense
        for both of you to be covered under one of the plans. It's likely to be
        less costly to insure an employee and spouse under a single plan. Many
        plans allow you to add a spouse within 30 days of your marriage without
        providing proof of insurability. Depending on your personal health
        situation, you might consider supplemental health insurance, which can
        help with doctor bills, hospital stays and even nonmedical expenses
        (such as transportation) if you're dealing with an accident, disability,
        cancer or critical illness.

To take a "Lifetrek" self-assessment that will inform you about life insurance solutions based on your personal situation and preferences, visit http://www.myallstatefinancial.net/?intcid=ILC-Lifetrek-RightRail-130701. For more information on insurance for this stage of your life, visit http://www.myallstatefinancial.com/life-tracks/marriage-partnerships.aspx.

The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate(®), and are widely known through the slogan "You're In Good Hands With Allstate(®)." As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.

SOURCE Allstate Insurance