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Many life insurance aspects taken for granted

Posted On Fri, November 18, 2011

A recent report from life insurance company Colonial Life noted some aspects of life insurance policies that consumers do not take advantage of as much as they probably should.

Wavier of premium allows consumers who become sick or disabled to have their policy's premium taken care of for them, the company noted. There is also the accelerated death benefit, which will give a consumer money before they die if they are found to have a terminal illness. If a person dies suddenly, there is also a mortgage protection option, which will pay the mortgage instead of leaving it to their family members.

"Consumers need to be familiar with their life insurance policies so they don't overlook important features that could be critical to their livelihoods," says Jeff Koll, assistant vice president of product development for Colonial Life & Accident Insurance Company. "Make sure you have a copy of your policy, that you know where you keep it and that someone else in the family also knows where you keep it."

These programs are just some of the perks of having a life insurance plan. For those that do not, comparing life insurance rates can help not only find the best price, but also help a person ensure that their family is covered.

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