Most people don’t like to think about death and dying. And that’s when life insurance comes into play. But it’s important to safeguard your loved ones in the event of your passing. Knowing which policy to buy is a big decision and one some experts say people don’t spend enough time researching.

Once you do decide on a policy, it’s important to put the paperwork in a place where your loved ones can access it easily. “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.  You can always request a copy of your policy from your insurance company if you need it.  In addition, evaluate your insurance coverage from time to time to make sure it’s appropriate for your stage in life.” To help you in your decision Colonial Life created this list of commonly overlooked aspects of life insurance.

1. Waiver of premium.  This feature pays the premium of a policy if you become seriously ill or disabled and can’t afford the payments.
2. Accelerated death benefit. This feature allows you to receive cash advances against the death benefit of your policy if you’re diagnosed with a terminal illness. This can be a great feature to help pay for medical treatment and other expenses when they have only a short time to live.
3. Guaranteed purchase option. With this feature, you can purchase coverage at designated future dates or life events without proving you’re in good health.
4. Long-term care riders.  Some life products include this option, which allows you to use the benefits of your policy to pay for long-term care. But using that option means you will not receive your full life benefit when you pass.
5. Spouse or child term riders.  Life policies with this feature allow you to purchase term life insurance for your spouse or dependent child, up to age 26.  If you can’t afford separate policies this can be more affordable.
6. Cash value plans. This type of policy pays out upon your death and also accumulates value during your lifetime. It adds an investment element to your life insurance.
7. Mortgage protection.  This feature, typically found on term life policies, will pay your mortgage if you die.
8. Cash withdrawals and loans.  Many universal and whole life policies allow you to withdraw or borrow money, using the cash value of the policy as collateral. Interest rates tend to be relatively low.  You can also use the cash value of your life policy to pay your premiums if you need or want to stop paying premiums for a period of time.  You must pay back the loan or your beneficiaries will receive a reduced death benefit.
9. Survivor support services. Some life policies offer services that provide objective financial and legal assistance to beneficiaries.
10. Employee assistance programs. This feature makes resources available to you for problems that can affect your personal and professional life.  Resources are usually free and help address issues such as substance abuse, stress, marital problems, legal concerns and major life events.