Life insurance isn't something most people think of too often. However, since September is Life Insurance Awareness Month and benefit enrollment time at many companies, this may be the perfect time to think about the insurance option.
A life insurance policy should be revisited whenever a major life event happens. Getting married or the birth of a child are two examples of times a person's life insurance needs can change.
Colonial Life and Accident Insurance Company director of life products Pam Jenkins says life insurance is an important component of a sound financial plan.
"Often, people don't think about the lost income from a spouse or family member and their day-to-day living expenses," says Jenkins. "Life insurance can help pay final expenses, such as funeral costs and medical bills. It's also a good way to pay off debt for credit cards, car loans, children's education and mortgages."
There are several different life insurance plans designed to meet a variety of different life circumstances and budgets. People with families, for example, may want to increase their death benefit to help cover the costs associated with raising children.