Before purchasing a life insurance policy, the Insurance Information Institute says consumers should ask certain questions. The group says it's important that the best situation for every person is reached.
"If you and your spouse or partner have made financial commitments that rely on the continuation of your income, a life insurance policy is the most cost-effective way to provide the benefits your survivors would need," said the institute. "The proceeds from a life insurance policy also enables your estate to pay what it owes after your death, or fund a post-death gift to your beneficiaries."
People should also ask if benefits from their employer will be enough and if they can count on survivors receiving Social Security benefits. It's also important for consumers to figure out how much coverage is needed and if term or permanent life insurance should be purchased. Potential customers should also shop around to get the best deal they can on life insurance.
According to the LIFE Institute, there are certain life events that should trigger a family buying life insurance. Events include getting married, having a child, changing jobs and taking on debt, among other things.