Many Americans not utilizing life insurance plans

The National Association of Insurance Commissioners recently completed a survey that showed many Americans don't take advantage of life insurance plans as an option to take out money during a difficult time.

The survey noted that 63 percent of Americans own some sort of life insurance plan. However, 65 percent of consumers were unaware that life insurance has a specific monetary figure that can increase throughout their life.

"When thinking about everyday finances, life insurance is not top of mind for most Americans," said Adam Hamm, vice president of NAIC and North Dakota Insurance commissioner. "According to our survey, more than two-thirds of consumers don't know some types of life insurance include a cash value, and nearly half don't think of life insurance as an investment option."

Consumers who are interested in protecting their family with some sort of long-term option may want to compare life insurance quotes. This could help them find a plan that is tailored to their needs, as there are many different types of life insurance plans available.