Life insurance protects the people who matter most

September is Life Insurance Awareness Month, a nationwide campaign to inform Americans about the benefits of having life insurance.

The people we love most are the people we want to protect. Life insurance can play an important role in protecting your family when the unexpected happens.

Here are some key reasons to consider buying a life insurance policy:

Income replacement, which can help families who lose a primary earner.Covering final expenses, such as funeral or burial costs.Paying off debts, such as a mortgage or loan, so surviving family members aren't saddled with the debt.Providing a financial legacy for heirs or charity. This could help children of a deceased parent pay for college.

It's a good time to think about your life insurance coverage and the financial protection it can provide your family.

If you decide to obtain a life insurance policy, I suggest you shop around. Determine how much coverage you need. You may wish to ask a financial advisor or your insurance agent about the right amount of insurance you should purchase.

Compare plans from more than one company. Don't feel rushed or pressured into making a decision immediately. Life insurance is a long-term commitment.

You'll want to verify that the agent and company you're dealing with are licensed in North Carolina. You may do that by going to our website at www.ncdoi.gov.

Please read the policy carefully. Make sure you fully understand any policy you are considering and that you are comfortable with the company, agent and product. Ask questions. Your life insurance policy represents a considerable investment and may significantly impact your family's future.

Make sure you can afford to pay the premium. Buy only the amount of life insurance you need. Ask your accountant or tax advisor about any potential tax consequences.

Do not sign an insurance application until you review it carefully to be sure all the answers are complete and accurate.

When you're ready to pay your premium, make your check or money order payable to the insurance company, not the agent. Make sure you get a receipt. Don't pay in cash.

While we're discussing life insurance, I want to let you know about a free service we have at the Department of Insurance. It's called our Lost Life Insurance Locater.

If you've had a loved one who passed away and are unable to locate the deceased's life insurance policy, the Lost Life Insurance Locater can help.

You can find it at our web page at www.ncdoi.gov. Or you may call a consumer expert for assistance at 855-408-1212 weekdays from 8 a.m. to 5 p.m.

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