In this final installment of our four-part series, I will take a look at the forgotten victim of this recession: life insurance. With unemployment rates still topping 9 percent*, millions of Americans are out of work. And while most Americans focus on health insurance when they become unemployed, they often forget that life insurance benefits disappear after a layoff, too. Many Americans rely on life insurance at work to protect their families. But when you’re between jobs, your coverage vanishes. Worse, many employer-based life insurance policies offer far less coverage than is necessary, leaving the employee underinsured even when he is covered.

That’s what makes term life insurance a fantastic alternative to employer-based life insurance, especially during a recession. Term life insurance covers you for a period of time you select (for example, 10 or 20 years) and pays benefits only if you die during the time you’re covered. Because it doesn’t accumulate cash value, it typically costs less than other forms of life insurance. The beauty of term life insurance is that it isn’t linked to your job. Pay the premium on-time and it doesn’t matter if you’re employed, unemployed, a student or retired. No coverage gaps and no worries. It offers a range of term and coverage levels, and at an average of less than $29 per month for a healthy 40-year-old seeking $500,000 in coverage**, it’s ideal for those seeking affordable life insurance. There’s a good reason life insurance sales tend to increase during a recession: it’s important to protect your loved ones when they are most vulnerable. *U.S. Department of Labor, February 2011 **Insurance Information Institute