9 Reasons Not to Buy Life Insurance (And Why You Should Rethink Them)

From getting married to having a baby to starting a business, there are lots of reasons why you’d want to consider buying life insurance. But maybe something is holding you back from getting the coverage you know (or suspect) you need.
Here are nine of the biggest reasons you’ll hear for not buying life insurance—and why you shouldn’t let them keep you from considering coverage.

1. It’s too expensive. Concern over cost is one of the most common reasons people give for forgoing life insurance. And that’s too bad when you consider that most people overestimate the cost of life insurance. That includes Millennials: Four in 10 think it cost five times the actual amount (Insurance Barometer Study by Life Happens and LIMRA). As a guide, a healthy 30-year-old can get a $250,000 20-year level term life insurance policy for about $13 a month.
2. I don’t have any kids. Does your spouse or partner depend on your paycheck to help pay for living expenses? Or do you have a sick parent or relative who would need to hire a caretaker if you weren’t around? These are just a few of the (many) reasons to consider life insurance if you’re childless.
3. I’m too young and healthy to worry about life insurance. No one is invincible or knows what tomorrow may bring. (Watch the Newby’s moving story if you have doubts.) If anyone depends on you to make ends meet, you’ll want to consider life insurance. Plus, young and healthy people tend to get great rates–and can often lock in coverage in case their health takes a turn for the worse later in life.
4. I’m too old to need life insurance. We all know age is just a number, and that’s certainly the case when someone would face a financial hit without you in the picture.
 5. My health isn’t great. There are lots of life insurance options for anyone in less than optimal health, so don’t assume you can’t get coverage if you have diabetes or high blood pressure, for example. The key is typically to have the condition under control with a physician’s guidance and medication if needed.
6. I smoke. There are many companies that offer life insurance for smokers–just know that you’ll end up paying more than nonsmokers.
7. I don’t work outside of the house. Whether you’re caring for young children or aging parents (or both!), you provide invaluable services that would be expensive to replace. Life insurance can help ensure the ones you leave behind get the care they need.
8. I don’t have the time to get coverage. These days, it’s easy to get a quote online or over the phone and to e-sign required documents. And there are even policies out there that don’t mandate a medical exam, often called simplified underwriting.
9. I don’t know what kind of coverage I need or how much. That’s what four in 10 people give as an excuse, according to the Barometer Study. There are lots of trusted insurance agents and advisors in your community and online who can help you pinpoint coverage that works for your life and budget. Find one by visiting the Find Coverage page of our site.