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.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
