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Here's why you may want to consider getting life insurance

Most people understand the need for it but many don't have coverage.

September is Life Insurance Awareness Month.

CBS News Business analyst Jill Schlesinger said insurance is essentially the vegetable portion of your financial diet.

"Who wants vegetables when we can gobble up the sizzle of something like investments,” said Schlesinger. “Life insurance requires you to contemplate the worst possible of all bad things, death.”

Schlesinger suggested one question you should ask before getting coverage.

“If I were to die now, would anyone endure financial hardship?”

If you answered yes, start looking at policies.

Schlesinger suggested getting enough coverage to cover living expenses. She also said you should search for online calculators to help figure out how much coverage you need. 

TIP: Be sure to factor in the cost of care if you’re the primary caretaker for your children or parents.

“If you're a single parent or the primary wage earner, you may want to leave cash to pay off debts, like student loans or the mortgage. And if you want to pre-fund college or provide for future retirement needs of your surviving spouse, add that in, too” Schlesinger said.  

A recent survey from Zelros found about 62% of policyholders have reviewed their coverage within the last six months, but experts advise everyone stay up to date.

Tiffany Craig on social media: Facebook | Twitter | Instagram

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