Life Insurance Is A Luxury, According To Americans Without It
October 16, 2019 by Joyce Blay
A majority of Americans are not covered by life insurance, according to a survey by ValuePenguin by LendingTree, a personal finance website.
The survey found that more than one-third of all respondents (35%) did not have a life insurance policy. When pressed for the primary reason behind this decision, over 40% of respondents said they believed that life insurance was too expensive.
Over half of all baby boomers surveyed (53%), adults between the ages of 54 and 72, said they were not covered by a life insurance policy because they thought policy premiums were too steep and not affordable.
The researchers evaluated the change in term life insurance policy rates for different age groups, based on quotes from the five largest insurers for a male in good health who did not smoke, covered by a 20-year policy with a $500,000 death benefit. ValuePenguin found that the increase in monthly premiums as the policyholder aged was much smaller when that person was young, compared with the amount of the premium when older.
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