Consumer misunderstanding may contribute to life insurance coverage gap

September 10, 2024 by Ayo Mseka

While many Americans have a good understanding of key life insurance principles, nearly 6 in 10 either do not have coverage or do not know if they do, according to the 2024 Corebridge Life Insurance Insights & Awareness Survey. Misunderstandings around cost could help explain this life insurance coverage gap.

While 8 in 10 (80%) Americans correctly recognize that the most affordable time to buy life insurance is when they are young and healthy, the number one reason keeping individuals from buying life insurance is cost, with nearly half (45%) of those who do not have coverage saying that cost was a reason they have not yet purchased a life insurance policy.

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Originally Posted at InsuranceNewsNet on September 9, 2024 by Ayo Mseka.