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Americans aren't buying life insurance, but why?

Over half of survey respondents who don't buy life insurance say they are healthy and don't think they need it.

By Katie Kuehner-Hebert | Updated on June 26, 2017
Why aren't you buying life insurance? (Photo: iStock)

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.

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Katie Kuehner-Hebert

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.

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