The Cost
- 2 in 3 adults think life insurance is too expensive, but they overestimate its true cost by more than 2x.
- 80% of Americans overestimate the cost of life insurance.
- People with no life insurance overestimate the cost by more than 3x and those with coverage by more than 2x.
- Those with no life insurance think it’s 3x more expensive than it is.
- Those under 25 think the cost of life insurance is almost 10x its true cost.
Priorities and Procrastination
- 59% haven’t bought life insurance or more of it because they have “other financial priorities.”
- 52% put expenses such as cable and cell phone ahead of buying life insurance.
- 1 in 5 prioritize paying for leisure activities like eating out over buying life insurance.
- 30% of people aren’t buying life insurance or more of it because they “don’t like thinking about death.”
- 37% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
- 30% haven’t bought life insurance or more of it because they “haven’t gotten around to it.”
The Need
- 31% say they would feel the financial impact from the death of the primary wage earner in 1 month.
- 65% of adults agree they personally need life insurance, and 27% say they need more than they have.
- More than a third of adults are concerned with leaving others to pay for their funeral expenses.
- Almost half of adults age 25-44 are concerned with leaving dependents in a difficult financial situation should they die prematurely.
- 40% of women wish their spouse or partner had life insurance—or more of it.
- 1 in 3 women believe they don’t have enough life insurance coverage.
- People cite “replacing income” as a top reason for owning life insurance.
- A third of people wish their spouse or partner had life insurance—or more of it.
What are you waiting for?
