The No. 1 Reason People Don’t Buy Life Insurance and Why They are Wrong

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“It’s too expensive!”
is the common refrain when Americans are asked why they don’t get the life insurance protection they need. But—and it’s a big but—80 percent overestimate how much it costs.

For the fifth year, Life Happens partnered with LIMRA to produce the Insurance Barometer Study, which looks at consumer trends and consumers’ perceptions regarding life insurance, retirement and their financial well-being.

“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is,” says Marvin Feldman, CLU, ChFC, RFC, president and CEO of Life Happens. “We need to help educate the public about how affordable life insurance can be.”

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Used with permission from the blog

All data is from the 2015 Insurance Barometer Study by Life Happens and LIMRA, unless otherwise noted.
1 Life insurance quote is from Quick Life Center, quoted in April 2015.
2 New Street Research, The Wall Street Journal, March 9, 2014
3 Report on Cable Industry Prices, Federal Communications Commission, May 16, 2014
4, 5 Accounting Principals’ Workonomix Survey, conducted by Braun Research, 2013

NAFA, the National Association for Fixed Annuities, is a national trade association exclusively dedicated to promoting the awareness and understanding of fixed annuities. NAFA is the only association whose sole purpose is advocating for the fixed annuity product.

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