Many Adults Don’t Have Life Insurance

Thirty-nine percent of U.S. adults do not have life insurance, according to survey results by InsuranceQuotes.com. And many of the 61% who do have life insurance appear to be underinsured and not as knowledgeable as they should be about their policies. Among those who lack life insurance, the most common explanation (45%) is that it costs too much. However, life insurance may be more affordable than many people fear since InsuranceQuotes.com found that 68% of adults who have bought life insurance policies on their own are paying under $100 per month and 46% are paying under $50 per month.

Even those who already have life insurance may benefit from shopping around. Sixty-eight percent of those with life insurance have never changed life insurance providers and 64% have held their policy for more than five years. People who haven’t compared prices in a while may be able to save money and get a better policy with just a little bit of effort, since many different insurers are aggressively competing for customers, said John Egan of InsuranceQuotes.com.

The most common level of coverage reported by those who have life insurance is $25,001 to $100,000 (34%). Seventy-three percent of those with life insurance reported $250,000 or less in coverage. Thirty percent of those with life insurance have a term life policy, 30% have a whole life policy and another 30% are not at all sure.

The full survey results are available at www.insurancequotes.com/americans-life-insurance.

Last Updated 9/8/2017

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