Reasons Why Most Americans Don’t Bother With Life Insurance

Did you know that over one-third of people don’t have life insurance in America?

In a recent study conducted by Princeton, 1,001 US adults–18 and older–were asked a series of questions in regards to life insurance. Research showed 65% of those ages 18-29, 29% of those ages 30-49, and 26% of those ages 50-64 claimed to not own life insurance policies (Source). For many, these findings gave quite a shock; why would so many people want to remain unprotected from such an important investment? Digging a little deeper, experts discovered the top 4 claims Americans had in response to why they do not have life insurance.

The top 4 reasons why most Americans don’t bother with life insurance:

1. Shopping For Life Insurance Is Difficult

33% agree that shopping for life insurance is a difficult and confusing task. Many claim they would rather go without it to avoid any unnecessary frustrations.

2. Many Don’t Think It’s Necessary

Currently, 51% of those who don’t buy life insurance believe it is unnecessary to have at this point in their life. Nearly 71% of Millennials (ages 18-29) feel the exact same way. This is probably the biggest reason why many decide not to invest in life insurance.

3. Viewed as An Expense, Not An Investment

Many people simply view life insurance in America as an expense rather than an investment.

4. Some Can’t Afford It

In the case of Millennials, approximately 76% are putting any extra income they have towards food and utilities, 71% into their savings account, 67% to pay student loans and debt, and 49% use it to donate to charity. Many claim they just don’t have the means necessary to purchase a life insurance policy.

Unwanted Life Insurance Policies

With the rising costs of life insurance premiums, many current policyholders choose to rid themselves of the policy altogether and the most ideal solution is a life settlement.

There are many reasons why you should sell your life insurance policy. At Life Settlements Inc, we want to help you regardless of the reasons for selling your life insurance policy.

What’s wonderful about life settlements is that you are guaranteed to receive much more money than what most insurance companies will pay for surrendering your policy. Contact us today for more information from our life settlement brokers.

wizard_ishAugust 24, 2020