The No. 1 Reason People Don’t Buy Life Insurance and Why They Are 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:

Infographic_TrueCost

To see the complete 2015 Insurance Barometer Study, go to www.lifehappens.org/barometer.

  1. I would love to get a printed version (like a door hanger) of the above comparison. Do you have anything like that available? If not, can you tell me how to get permission to make it into one?

  2. This is a lovely illustration, so apt. It should be quite easy to put together something applicable to any jurisdiction.

  3. I love having life Ins I wonder if it make you live longer but and i feel well protected you prepare the way to life as well as prepare to die we all have to do it so it a great thing think about

  4. I talked to a lot of people who are scared of the medical exam or think its a big long process.

    I usually give them a non med option as well and compare both. Been seeing many go with the non med over the traditional underwritten plan. Usually a policy issues is 3-5 days vs 4-6 weeks.

    If you want to sell it, just get contracted here

    http://www.myphoenixcontract.com

  5. Great Illustration! I meet so many young kids that believe Life Insurance is so costly and many times they just decide not to hear any information on the subject. I wish I could use the illustration to at least leave them some reality they can read and understand!

    Daniel

  6. It’s sad how many people in their 70’s & 80’s don’t have any coverage. Not even enough to pay for final expenses.

    Early education is SO important.

Leave a Comment

Start planning your LIFE today Close