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Nine Reasons People Do Not Buy Life Insurance

Despite the clear advantages to purchasing life insurance, many people often procrastinate when it comes to actually committing to the idea. These are some of the reasons why.


One barrier to buying life insurance is the price. Many consider it too expensive to add to more pressing needs in their current budget. Paying for the basics (e.g., housing, food, utilities) takes priority over life insurance; some value internet or cable over end of life expenses.


Many people have incorrect information on what coverage would actually cost. Young adults assume a much higher price than those who are older. That said, the costs tend to be only a couple of hundred dollars in difference for term life insurance.


When faced with decisions about purchasing life insurance, many opt to save for retirement first. Others choose to prepare for a premature death, to plan for the funeral, or determine the disposition of their estate.


For many, thoughts of life insurance don’t enter their minds until after they’ve had kids, a time when every decision begins to be taken more seriously. However, increased costs that come with having children may mean that life insurance takes second place again.


Limited understanding and pressing obligations leave people paralyzed, making no choice. Trying to decide whether they should get term life insurance, permanent life insurance, or one of the numerous variations can leave them in a quandary Most people have no idea how much life insurance they might need, let alone decide on which type to get.


Insurance companies do not enjoy a great reputation. This lack of trust has the potential to put people off to idea of acquiring life insurance.


When asked to think about end of life planning, many people choose to do nothing because such thoughts make them uncomfortable. For some, trying to decide what type of life insurance they should buy falls into the same category and provokes the same feeling of discomfort, meaning people just won’t do it.

Good Health

Those who are young tend to see themselves as healthier and more fit, and enjoy a sense of indestructibility, as death seems so far away. They fail to realize that being young and healthy makes them more likely to get better life insurance, whereas aging and other health problems that may arise later make it harder.

No Need

Some people won’t buy life insurance because they don’t have dependents. When you’re young, you’re likely to make less money, but you also are less likely to have as many demands on your earnings. If you decide to prioritize the expense then, you become used to it and make financial decisions with it already priced in.

Don’t put off something so important. Take the time today to sit down and make a plan that includes life insurance. Consult with an expert to make sure you understand all of the factors you should consider. Make the choice now so you won’t confront a more difficult choice later in life.