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Life Insurance Overview
There are 41 million people in the U.S. who say they need life insurance but do not have it, according to the 2020 Insurance Barometer Report from industry groups LIMRA and Life Happens. This can partially be explained by the tendency of people to overestimate its cost.
Perceptions about affordability and value can deter people from buying the life insurance they need. More than half of respondents in the Insurance Barometer Report said a $250,000 term life insurance policy for a healthy 30-year old would cost $500 a year or more. But the average cost is closer to $160 a year. That’s a pretty big discrepancy in perceived cost versus actual cost.
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