Life insurance is a huge need. Why don’t more people get it?

After peaking in 1971, the percentage of families covered by life insurance has dropped steadily, from a high of 85.4% to 59.4% in 2019.

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Changes in demographics

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Changes in tax laws

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Changes in how life insurance is sold

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In general, anyone who has shared debts or has someone who depends on their income should consider getting life insurance coverage.

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Life insurance is a huge need. Why don’t more people get it?

After peaking in 1971, the percentage of families covered by life insurance has dropped steadily, from a high of 85.4% to 59.4% in 2019.

Changes in demographics

Older households have a disproportionate amount of wealth in the United States. Many younger people are struggling with student debt, making life insurance less of a priority.

Changes in tax laws

In its heyday, life insurance was a popular vehicle for tax-advantaged savings. People used to have life insurance for purposes of estate planning.

Changes in how life insurance is sold

Most of the population, Prakash says, “doesn’t have access to these agents, or brokers, or financial planners.”

In general, anyone who has shared debts or has someone who depends on their income should consider getting life insurance coverage.

Why you need life insurance

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