Of those that have life insurance, 36 percent don't understand their policy, according to

Of the 61 percent of Americans who have life insurance, 36 percent don't completely understand what their policy entails. But it could pay off later for those who take the time to learn the ins and outs of life insurance and do through shopping, according to a survey conducted by Harris Interactive for

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"It all goes back to a lack of basic financial literacy," said Tony Steuer, life insurance expert and author of "Questions and Answers on Life Insurance: the Life Insurance Toolbook," to

For those who have insurance, 30 percent don't know what type of insurance they have and 10 percent don't know what beneficiaries they have. But for those who have whole life insurance, it can gain cash value, according to the article.

Others who choose not to have insurance say it's too costly. But rates for life insurance can run as low as $15 to $20 a month, said Jeff Rose, who blogs at, in the article.

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