Each year, the Life Insurance Marketing and Research Institute (LIMRA) asks consumers who do not have Life insurance—and  those who say they don’t have enough—why not.  It turns out that many of their reasons are based on mistaken beliefs.

Here are the top misconceptions about Life insurance:

1. It’s expensive. LIMRA reports that more than half the population overestimates the cost of Term Life insurance by 300%!¹  Did you know that monthly cost of a $250,000 20-year Term Life policy for a healthy 40-year old woman is less than $19 a month?

TIP: If cost is a concern, apply for insurance now since it’s easier and more efficient to get Life insurance before you’re older. You can always apply to increase your coverage in the future once your budget allows for it.

2. It’s complicated.Many people aren’t sure how much they need or what type to apply for. Or they envision long applications, meetings with insurance agents, and medical exams. But purchasing Term Life insurance doesn’t have to be complicated.

TIP: Start with our simple guide: Term Life Insurance: Your Most Asked Questions Answered, use our online calculator to determine how much insurance you need, and you’ll be ready to apply online. If you have questions, just give us a call—our experienced representatives are available to help answer your questions.

3. It’s not a priority right now. When you’re young or single with no dependents, it’s easy to put it off for another day. But Life insurance is there to protect those who depend on you, both now and in the future.

TIP: Take time to contemplate your future needs. A family may not be in the picture now, but securing insurance today can set you up for greater savings and financial security many years down the road.

Almost everyone can benefit from having some Life insurance. If you don’t have any or you’re considering applying for more coverage, now may be a good time.

Learn more about Life insurance.²

¹ “2025 Insurance Barometer Study,” Life Happens and LIMRA.
² including features, costs, eligibility, renewability, exclusions, and limitations

#5034024