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(Bad) Reasons Why People Don’t Purchase

Many people don’t purchase life insurance for one reason or another, but many of these reasons fall short of legitimacy.

Life insurance is something that we all agree we all need, but don’t actually buy—that is, according to the research. While thinking about your own mortality and talking about it with your spouse may not be the best way to set the mood, it’s a conversation that will prove to be pivotal should anything happen to you. A report found that 30 percent of all Americans have absolutely no form of life insurance. Here are some of the (bad) reasons as to why people do not purchase life insurance for the financial security of their family.

Cost – 63 percent of people report that they don’t purchase life insurance because they believed it to be too expensive. While it may not be free, that doesn’t mean it’s expensive. 69 percent reported that basic things like housing, food, and utilities kept them from buying life insurance. While many believe the cost to be over $1,000 a year for a $250,000 in coverage, the average cost for a standard policy is about $150.

Other Financial Priorities – Other priorities kept 59 percent of all respondents from purchasing a life insurance policy. Saving for retirement was the number one reason as to why people did not purchase a life insurance policy.

Too Confusing – Once you start looking into it, you’re met with the option of term life insurance or whole life insurance. You’re also met with all the insurance jargon that many have never encountered before and quit before they get familiar.

A good insurance agent can show you how you can avoid all of these bad reasons to not purchase life insurance in Beaverton, OR. Contact Fox Insurance Agency for all of your insurance needs in Beaverton and the surrounding areas of Oregon!