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With a myriad of life insurance policies offered in Massachusetts, consumers have a lot of options when it comes to choosing the life insurance product that best suits their needs, priorities, and budget.

Among several groups of consumers, it is families with young children who have the greatest need for life insurance policies, as these children are dependents who depend primarily on the income of the head of the household.

Before purchasing life insurance policies, a potential policyholder needs to determine how much coverage is actually needed for the entire household. To this end, the benefits of every available life insurance product must be considered. Consumers should also know that there are additional benefits to be enjoyed from life insurance policies other than the benefits given out to beneficiaries upon the death of policyholder. These other benefits are termed riders and, though they increase the premium rates of the policy, are also considered good investment for those who can afford them. Included in the list of common riders are the accelerated death benefits in which part of the death benefit may be given back to the policyholder even before his or her death, accidental death benefits that pays additional amount if the cause of death if proven to be accidental, automatic premium loans, and viatical settlements in which the policy itself is sold to a third party if the policyholder becomes terminally ill.

Insurance consumers should also take note of some important aspects of life insurance policies, such as the feature called incontestability. If the policy has been enforced for more than two years, the insurance company is not allowed to contest the claims made by the policyholder so long as no lapsed payments has been incurred. Before this time period, however, the insurance provider is allowed to contest a claim made if the cause of death is proven to be suicide or in the instance that it has proven that the policyholder has made some misrepresentation of facts in order to increase the chances of having the policy approved.

The state also allows a free-look period of ten days after the receipt of the policy in which policyholders can return it and ask for the refund of premium paid. A grace period of 30 days is also allowed in which no interest of the delayed payment must be imposed.