Consumers may fail to take advantage of some features of life insurance coverage, one provider recently noted, perhaps not even realizing they exist or failing to fully grasp the nature of their own plans.

For example, life insurance policies with a waiver of premium feature or rider pay policy premiums in cases where the insured becomes seriously ill or disabled. Accelerated death benefits allow the insured to receive cash advances against the policy's death benefit when diagnosed with a terminal illness, frequently used to cover short-term treatment and related expenses.

Another commonly overlooked feature is a guaranteed purchase option or guaranteed insurability option, which allows the insured to buy life insurance coverage in the future without needing to demonstrate that he or she is in good health. Long-term care riders may serve a similar purpose, assisting the insured with long-term care costs for a reduction in the death benefit.

Some other options which can benefit families include survivor support services, which may include legal and financial assistance to policy beneficiaries, or mortgage protection. Typically found in term life policies, mortgage protection pays off a consumer's home loan if the insured dies.

Incorporating optional policy features may mean paying higher life insurance premiums, but policyholders and their families can derive significant benefits from them. Whether each specific feature is a wise purchase depends on the individual's future and present circumstances, which can make the decision difficult.