Many Americans don't buy life insurance for a number of reasons — and more than a few view the product as an expense and not as an investment for retirement, according to a recent Princeton survey of 1,001 U.S. adults commissioned by insuranceQuotes.
More than a third (37 percent) of the survey respondents say they don't have a life insurance policy, and the cost of insurance is the most commonly cited reason (59 percent). But money isn't the only issue: Half (51 percent) of those who don't buy life insurance say they are healthy and just don't feel like they need it right now — three-quarters (71 percent) of millennials without a policy feel that way.
That clearly shows many people view life insurance as an expense and not as an investment for retirement, even though permanent life products pay dividends to policyholders contingent upon company performance, LIMRA spokeswoman Catherine Theroux tells insuranceQuotes.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
