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Why Aren’t Americans Buying Life Insurance?

Why aren't Americans buying life insurance?

By McKenzy Bowers | July 12, 2017

Believe it or not, most Americans are either underinsured or don’t have any life insurance at all. Why aren’t they buying life insurance? There are several reasons for this. To find out more, read on.

A recent article revealed that many Americans don’t own life insurance. According to the survey (in which 1,001 U.S. adults participated), 37 percent of those who responded stated that they didn’t have any life insurance at all.

In truth, many people view life insurance as an expense and NOT as an investment. But money isn’t the only reason why they’re not buying. Half of those who didn’t have coverage say it’s because they’re healthy, so what’s the point? That number is even higher with millennials. But let’s face it, most young people in their twenties think they’re invincible. So they think, why get life insurance?

Well, the answer to that question is…for a lot of good reasons.

Isn’t life insurance expensive?

Many people THINK life insurance is just too darn expensive. In fact, when surveyed, on average, folks think that coverage cost 3 to 7 times more than it actually does! Which is odd, in a way. Because a life policy is one of the most inexpensive ways to protect your family from financial disaster. It’s true. If you’re young and healthy (listen up, millennials), coverage can be pretty darn affordable. Based on the above criteria, you can get a term life policy for less than $250 a year (depending on length of term and amount of coverage). That’s less than a dollar a day!

By the way, there are some people who see life insurance as worthwhile. The survey points out that 74 percent of households with annual incomes between $50,000 and $75,000 have life insurance. In households with annual incomes of over $75,000, 78 percent have coverage. Why? Because there are few financial products in the marketplace that are as powerful and valuable as life insurance.

What’s so great about life insurance?

Well, Life Insurance turns pennies into dollars and it delivers those dollars exactly at the moment they are needed the most…when you die. If that happened, your family would be understandably devastated…emotionally and financially. In most households, the breadwinner’s salary is biggest asset a family has. A life policy can help your loved ones move forward financially after you’re gone. They can use the money to stay in their home, pay bills, and send your kids to college. And, in most cases, that policy’s death benefit is entirely income tax-free.

Isn’t buying life insurance complicated?

Let’s go back to the survey. 33 percent of Americans polled believed that shopping for life insurance was “too difficult or confusing.” In fact, buying coverage couldn’t be easier or less complicated than it is right now. Just a few years ago, if you wanted to get coverage, you’d go to an agent who, in most cases, only represented one insurance company. So that agent could only show you products from the company he or she represented. And to add insult to injury, you’d have to sit down with the agent for a three-hour, kitchen table face-off. Who’s got the time?

But, thankfully, times have changed. If you buy your life policy from a company like AccuQuote, you can get competitive insurance quotes from dozens of top-rated, brand-name carriers…online or over the phone…in just minutes.

So if you purchase a policy when you’re young and healthy, you get some great deals on affordable life insurance. But the longer you wait, the more expensive (or unavailable) that policy will be. Because as we get older, things start to break down. Perhaps you’ve gained a few pounds. Or maybe you’ve developed high blood pressure. So, the sooner, the better.

If you’d like to know more about getting coverage, just talk to AccuQuote. Go to our website or call 800-442-9899 for more information. We can provide quality, competitive life insurance quotes from the top-rated, brand-name insurance companies you know and trust.

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.