Who Doesn’t Buy Life Insurance?

Did their husbands have enough life insurance?

Did their husbands have enough life insurance?

40 Million Americans Lack Life Insurance; 50 Million Need More

While there has been a lot of buzz about the number of Americans without health coverage, just about as many US residents lack life insurance. I do not just make this stuff up either. J.D. Powers is a major consumer research firm in the USA, and according to their research 40 million of us have no coverage at all. Fifty million of us do not think we have sufficient coverage.

BestQuoteUS.com, an insurance consumer article website, thinks this problem may be particularly acute with older folks because policies have lapsed and frankly, this is a time of life when coverage may be needed more than it is when people are younger.

  • Back to the JD Powers Survey: Only 25 percent of widows and widowers thought their spouse had sufficient coverage!
  • The Frugal Pig says that life insurance is cheaper than most people think it is. They back that up with surveys from the Insurance Information Institute too. Consumers without enough coverage were asked why they did not purchase more coverage, and they said they could not afford it. But consumers overestimated the premiums quite a bit when taking a survey.

It is not hard to buy life insurance either.

You are probably bombarded with ads from your agent, other insurers, etc. all the time. The primary suggestion is to shop around because some companies are simply friendlier to different types of people.

You also should not assume you are too old or sick for coverage until you do some research either. Getting quotes is free. Most people can qualify for some sort of policy. After you shop around, you can find out if you qualify for useful and affordable coverage. If you use an agent, be sure he or she can help you compare policies and prices from multiple companies. Be wary of an agent that only has one product to offer you. People absolutely have different needs.

Insurance

Insurance (Photo credit: Christopher S. Penn)

I am not in the business of selling coverage. I am simply pointing out that the odds are good that you are uninsured or under-insured.

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