Blog

By - Erie Insurance x Assure America

What are the real reasons holding you back from getting life insurance? Are you like the majority of Americans who don't have it, but say that they know they need it?

A study from Life Happens and the financial and insurance organization LIMRA most households haven’t prepared for the loss of a primary wage earner: 44% say it would take less than six months to feel financial hardship if this happened to their family.

Does this ring true for you? If so, maybe it's because of one of these reasons.

1. It’s too expensive. Cost is the number one reason people don't have life insurance. The same study shows that consumers tend to overestimate the price of life insurance. For instance, when asked how much a $250,000 term life insurance policy would be for a healthy 30-year-old, the median estimate was $500 annually—more than three times the actual cost. Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone. Now in 2022, president and CEO of Life Happens. “The lasting impact of COVID remains at the forefront for many, with the pandemic leading almost a third, or 31% of people, to say they are more likely to buy life insurance in 2022.”

2. I have a health condition. The good news is that having a health condition doesn't automatically disqualify you from getting life insurance. If you overcame a serious condition in the past or if you are managing a condition with the help of a medical professional, you can still be covered.

3. I don’t have any kids. There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.

When you purchase life insurance, consider adding a Guaranteed Insurability Option rider** which lets you increase your protection in the future, when you may have children or other reasons to increase coverage. By purchasing the Guaranteed Insurability Option rider with your initial Erie Family Life policy, you’ll be able to increase your life insurance coverage over time without having to answer medical underwriting questions.

4. I don’t work outside of the home. If you stay home to care for kids or other family members, it may take hiring someone to replace all that you do. And that could be pricey, so definitely consider buying life insurance as a way to cover those additional expenses.

5. I’m not sure what I need. Most people don’t—but your Assure America Insurance agent advisor is there to help you. Erie Family Life offers options like term insurance that’s designed to last for a specific period of time and permanent plans designed to last a lifetime. Your agent can recommend one that works with your life and budget. You can also get an idea of how much life insurance you need by using our handy life insurance calculator.

Life insurance probably isn't something you want to talk about, but it really is too important to put off. Your Assure America Insurance agent can make the conversation about protecting the people that matter most as easy as possible. When it comes to life insurance, the only wrong choice is doing nothing at all.

*Life insurance and annuity products are not available in New York. 

**Guaranteed Insurability Option subject to underwriting approval. Not available on all plans. Issue ages 0—40. See your agent for rider specifics, availability, terms and conditions. Additional cost applies.

Update: According to new findings from the 2022 Insurance Barometer Study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, 2 in 5 parents say they are barely or not at all financially secure. This is increasingly critical, as most households haven’t prepared for the loss of a primary wage earner: 44% say it would take less than six months to feel financial hardship if this happened to their family.

CALL TODAY TO GET A FREE LIFE INSURANCE QUOTE!