46% of adults don't have life insurance. This 2020 survey explains why they haven't bought life insurance.
At the start of the pandemic, 46% of American adults didn’t have life insurance. The 2020 Insurance Barometer Study from Life Happens and LIMRA. looks at the reasons for consumer’s financial behaviours. Today, we’re going to look at the top 6 reasons why people don’t buy life insurance.
Let’s explore further.
This is exactly the reason why you should buy life insurance. You have financial responsibilities, so what happens to your family if you’re not there to take care of them?
A house payment doesn’t go away because you died — unless you bought enough life insurance to pay it off, of course.
Really? $13 a month for a $250,000 term life insurance policy for a healthy 30-year-old is too expensive?
The reality is that most people don’t know how much life insurance costs. In the study, researchers found that 50% of Millennials thought life insurance costs more than 6x the actual cost! The only people who think life insurance is too expensive are those who haven’t researched it.
People without children or those who don’t work outside the home might think they don’t need life insurance. However, if anyone depends on you, you should have life insurance. This includes your elderly parents or your spouse who would have to pay for childcare if you weren’t there.
There are a few different types of life insurance and you might get caught up in the confusion between term life vs. whole life vs. universal life insurance.
Don’t. Just buy a simple term life insurance policy and be done with it. This is often the best option for most people.
These days, especially with social distancing for the pandemic, it’s beyond easy to get a quote and apply for life insurance online. Most folks won’t even have to worry about a medical exam.
It might sound harsh but death doesn’t procrastinate, and you shouldn’t either.
We don’t know what you tell you about this one. Death is death and, unfortunately, it is an unpleasant thought.
Here’s another unpleasant thought, your family losing their home and struggling to make ends meet. It doesn’t take long to sign up for life insurance and with that little bit of unpleasantness, you can save your family a lot of grief and struggle if the unthinkable does occur.
Where do you stand? Maybe you think you don’t need insurance or just keep putting it off. Don’t.
You never know what tomorrow brings.
Curious about the reasons why people do buy life insurance? Check out this article explaining the top reasons why.