Skip To Content
Blog Get a Quote

Why don’t more people have life insurance coverage?

Here are 7 common reasons. Plus: Learn why you should consider getting a policy to financially protect your loved ones

Mom, Dad, and Daughter spend quality time at the park holding hands, walking, laughing, and dancing

We all know life insurance is an essential form of financial protection for our loved ones, especially if we have a partner and/or children. But a recent survey found that only 52% of American adults have life insurance — and 52% of millennials and 60% of Gen Z adults don’t have life insurance, according to recent research by the life insurance trade organization LIMRA.

Which makes us wonder: Why? After all, it’s easier to get and more affordable than ever. (And also, we wonder because life insurance is sort of our whole deal.)

There are numerous reasons why people don’t have life insurance. We’ll go through them one by one and explain why they shouldn’t hold you back.

In this article:

People think life insurance is expensive

This is a common misconception about life insurance. According to that same study, 38% of millennials and 29% of Gen Z adults think it’s too expensive, with many believing that a policy would cost more than three times what it really does.

While it’s true that the cost of life insurance varies based on numerous factors, getting coverage can actually be quite affordable.

At Haven Life, a 30-year-old man in excellent health can get a 20-year, $250,000 Haven Term policy for $12.48 per month. A 35-year-old woman in excellent health can get the same coverage and term length for less than $12 per month. That’s much less than most people spend every month on things like coffee (approximately $92) and streaming services ($48).

People think the process is time-consuming

Many people don’t get life insurance because they believe the process will be inconvenient. After all, you’ll have to research your options, fill out a lengthy application, and undergo a medical exam that will require you to take time out of your already busy schedule, right?

Thankfully, getting a policy isn’t as difficult or time-consuming as you might think, and you can even get life insurance online. At Haven Life, getting a quote for a term life insurance policy takes less than a minute.

Beginning the application process is digital, so that you can complete it from the comfort of your own home. All you have to do is answer a few quick questions about your health and lifestyle. For some applicants, approval and coverage can even begin immediately.

Most, however, will need to have a brief life insurance medical exam. However, you can complete this at a time and place of your choosing (including your own home), and it should take 30 minutes or less.

(Haven Life also offers a 100% no-medical-exam required life insurance policy called Haven Simple. As with all life insurance policies, applicants need to be truthful on their application or they risk non-issuance of the policy, or even non-payment of the death benefit.)

People think if they’re young and healthy, they don’t need it

It’s common for younger adults to think they don’t need life insurance because they’re in good health. It’s easy to think you can wait until you’re older to buy a policy. Here’s the thing — being young and healthy is actually one of the best reasons to get life insurance.

Your age directly impacts the price you’ll pay: The older you get, the higher your premiums, even if you maintain excellent health. A 20-year, $250,000 Haven Term policy would cost a 30-year-old man in excellent health $12.48 /month, while a 40-year-old man in similar health would pay around $17.33 for the same policy.

And that assumes you’re in the same health a decade later. But as you get older, your risk of health issues increases, too. You might be young and healthy now, but you could develop a condition that might lead to a higher life insurance premium if you decide to wait.

Buying a policy now allows you to lock in low rates with level premiums. You’ll pay the same amount every month for the duration of your term, even when you’re older and even if you’re less healthy, even throughout the life of, say, a 30-year term.

People think if they don’t have kids, they don’t need it

Children are one of the top drivers for getting life insurance. However, just because you don’t have kids — and even if you don’t plan to have any — that doesn’t mean you don’t need a policy.

Sure, you might not have any dependent children, but do you have anyone else who depends on you financially? Or would your sudden passing cause financial hardship for someone you care about?

Maybe you have a spouse with whom you share a mortgage or other debts. Perhaps you’re helping to support your aging parents. In these situations, having a term life insurance policy could go a long way toward making sure everyone is financially protected should something happen to you.

People think if they’re a stay-at-home parent, they don’t need it

A common purpose for life insurance is to use the death benefit to replace the income a family loses when a working spouse or parent dies. Because of this, a stay-at-home parent might think they don’t need a policy, but this is a misconception — life insurance is a good idea even for stay-at-home parents.

You might not earn a paycheck as a stay-at-home parent, but much of what you do provides your family with financial benefits. You take care of your kids while your spouse works. You cook meals and keep the house clean. If you were to die, your spouse might have to hire outside help to do everything you do right now.

Purchasing a life insurance policy would allow you to ensure they can afford the cost and avoid financial strain.

People think group life insurance through their job is enough

Some employers offer group life insurance coverage as part of their employee benefits package. As such, those employees might believe that coverage is enough and they don’t need an individual term life — or any other type of — insurance policy.

However, group life insurance generally isn’t enough for most people. Depending on your policy, your coverage amount might be set in one of two ways:

If you were to pass away, your policy might give your beneficiaries enough to cover some expenses, but it likely won’t replace your income for more than one or two years. On top of that, group life insurance only lasts for as long as that company employs you. If you were to leave your job for any reason, you would lose coverage. Having no other policy would mean your family has no financial protection.

So how much life insurance should you have? The general recommendation is to buy a policy worth five to 10 times your annual salary. You can use a life insurance calculator to determine the ideal coverage amount for your needs.

People don’t like to think about death

Hey, who does? In fact, 17% of millennials and 24% of Gen Z adults say one of the reasons they don’t have life insurance is because it makes them think about their own mortality, according to that same LIMRA study.

We get that thinking about death can be uncomfortable and scary. Talking about life insurance can seem hard. But it doesn’t have to be.

Buying life insurance isn’t about your death but about the lives of the ones you love and who depend on you. For an affordable monthly amount, you can buy peace of mind that should the worst happen, your loved ones will be cared for and won’t have to face financial hardship.

It’s worth mentioning that life insurance is only something you have to think about when deciding on a policy. Once it’s in place, you can rest easy knowing it’s sorted and your family is covered.

Find affordable term life insurance with Haven Life

If you’ve been hesitating to get a life insurance policy for any reason, now is the time to reconsider. With affordable term life policies and a streamlined application process, Haven Life is one of the easiest ways to protect the ones you love most. Get a free online life insurance quote today.

Haven Life: Life insurance that’s actually simple

Life insurance is more affordable than you think

Get your free quote
Default author headshot

About Alyssa Anderson

Read more by Alyssa Anderson

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit:

You might also like

Get our most-read stories, twice a month

.newsletter-msg-success, .newsletter-msg-error { display: none; }

What our customers are saying

Sign up for our newsletter

Get our most-read stories, twice a month

Thanks for signing up. See you in your inbox soon.