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.

Medium Brush Stroke

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.”

Medium Brush Stroke

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


Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.