#1 Reason People Don’t Buy Life Insurance and Why They're Wrong

August 14, 2017    LifeHappens.org
The True Cost of Life Insurance

#1 Reason People Don’t Buy Life Insurance and Why They're Wrong

“It’s too expensive!” is the common refrain when Americans are asked why they don’t get the life insurance protection they need. But—and it’s a big but—80% overestimate how much it costs.

For the fifth year, Life Happens partnered with LIMRA to produce the Insurance Barometer Study, which looks at consumer trends and consumers’ perceptions regarding life insurance, retirement and their financial well-being.

“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is,” says Marvin Feldman, CLU, ChFC, RFC, president and CEO of Life Happens. “We need to help educate the public about how affordable life insurance can be.”

Here are more findings:

 

About the Author

Maggie Leyes

Maggie Leyes is VP of content strategy for Life Happens. She has been working in the insurance and financial services industry for more than 15 years.