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One thing that frustrates insurance brokers like us the most is knowing that not enough people take the right steps to protect their families from the worst. When people don’t have life insurance, their loved ones can be saddled with overwhelming financial responsibilities with no way to resolve them. Savings accounts can quickly drain, debt can easily pile up, homes can be lost, and lives are forever altered.

When it comes to the reasons why people don’t have life insurance, our brokers have also heard every reason there is. While it’s a simple reality that not everyone will have life insurance, there are plenty of people who hold themselves back for reasons that aren’t very reasonable at all.

5 Common Reasons People Don’t Have Life Insurance

Below, we’ll discuss five of the most common reasons we’ve heard from would-be customers about why they didn’t want to purchase a life insurance policy.

1. They Don’t Understand What It Is

It’s easy to mislead yourself into believing you don’t need life insurance when you really don’t really understand what it is. People are wary when it comes to purchasing less-common types of insurance, and although life insurance isn’t obscure, people aren’t as familiar with it as they are with their auto, healthcare, or homeowner’s policies.

Part of that, though, is because your life insurance policy isn’t really for you – it’s for the loved ones you leave behind. It helps your family afford your burial, the mortgage, bills, and all sorts of other costs that can become major problems when you expectedly pass away.

2. They Don’t Think They Need It

Most people who understand what life insurance is but refuse to get a policy think they don’t need it. Maybe it’s because they have a healthy savings account, high-value investments, or perhaps their spouse is high-earner, too. Even under these circumstances, though, failing to get life insurance is still gambling with your family’s financial future.

Consider the monthly costs for your household – could your spouse handle that all on their own? Even if your answer is “yes,” ask yourself if you think your spouse should have to handle it all on their own? Few people would want to put their loved ones in such a position, and that’s why many who want to look out for their loved ones ultimately purchase life insurance.

3. They Think They Can’t Afford It

Because life insurance policies can pay out hundreds of thousands of dollars or more, people often assume they are unaffordable luxuries. Consider the fact, though, that the average cost of life insurance is about.

Your actual life insurance premium, however, will be determined by evaluating factors such as your age, gender, health, occupation, and where you live. Generally speaking, a 40-year-old purchasing a 20-term life insurance policy may only have to pay less than $50 per month to ensure their loved ones can benefit from hundreds of thousands of dollars in coverage.

4. They Can’t Afford the Level of Coverage They Want

Depending upon your age, health, or occupation, you may not qualify for the level of coverage you want at the premium you’d prefer. This can dissuade a lot of people from purchasing coverage altogether, but some coverage at a rate you can afford is better than none.

After all, when you pass away, whether your loved ones get $50,000 or $500,000 from your policy won’t matter as much when the alternative was no financial assistance at all.

5. They Keep Putting It Off

We’re all busy with work deadlines, school recitals, family gatherings, and the daily chaos of life we know and love. Unless someone makes life insurance a priority in their life, it can easily fall onto the back burner, where it can sit idly for years before it’s ever addressed again.

Each year you fail to get a life insurance policy, though, is another year where your potential premium goes up. Even if your health stays the same, the best possible premium you qualify for will go up for no reason other than you’re getting older.


There are plenty of reasons to not have life insurance, but few of them are good reasons when you consider the financial impact your unexpected passing can have on your family. If you think it’s time to put your excuses to the side and take action to get life insurance, we at Insurance Specialists, Inc. can help.

For more than 60 years, we’ve been helping people like you find the right insurance policies that ensure the most important interests were protected. If you’d like to speak with one of our specialists about getting a life insurance policy that works best for you and your family, please feel free to reach out to us.

You can get in touch with Insurance Specialists, Inc. today by contacting us online or by calling (888) 451-0883.