About 100 million Americans say they need life insurance or need more of it, according to the 2025 Insurance Barometer Study from LIMRA and Life Happens. That is 40% of consumers. So why don’t people buy it? These are the three reasons I hear most, and why each one is worth a second look.
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1. “I think it costs too much”
Cost is the number one reason. In the 2025 Barometer, 48% of Millennials and 39% of Gen Z adults said perceived cost kept them from buying. But young adults guessed the price of a $250,000, 20-year term policy at about 10 to 12 times what it actually costs. Why you should get it anyway: a quote takes a few minutes, and the price is usually locked for the term you choose.
2. “I don’t know how much I need or what kind to buy”
About one third of Millennials and Gen Z adults said they were unsure how much coverage they need or what type to buy. Why you should get it anyway: you don’t need to figure it out alone. A simple needs review adds up your income, mortgage, debts, and future costs like college, then subtracts savings and existing coverage. Term is often the starting point. Read 3 Things People Don’t Know About Term Life Insurance.
3. “I’m covered at work”
55% of working adults have life insurance through their employer, according to the 2025 Barometer. But that coverage is usually one to three times your salary, and it usually ends when you leave the job, as Life Happens explains. Why you should get it anyway: a personal policy stays with you no matter where you work, and it can fill the gap between your work coverage and what your family would really need.
The real cost of waiting
Every year you wait, you get older, and your health may change. Both can raise your price or make coverage harder to get. Locking in coverage while you are healthy is one of the simplest ways to protect your family.
Also read: 5 Things People Get Wrong About Life Insurance.
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Frequently Asked Questions
Why do people not buy life insurance?
The most common reasons are perceived cost, uncertainty about how much or what type to buy, and relying on employer coverage, according to the 2025 Insurance Barometer Study.
How many Americans need more life insurance?
The 2025 Barometer found 40% of consumers, about 100 million Americans, say they need life insurance or need more.
Is life insurance through work enough?
Often not. It is usually one to three times salary and generally ends when you leave the job.
Last updated October 2026. This article is general education, not tax, legal, or investment advice. Brent Hernandez, California Life Insurance License #0M15424. Insurance products are offered through Hegemon Insurance Solutions (California License #0I0198). Features, costs, and guarantees vary by carrier and policy, and guarantees depend on the claims-paying ability of the issuing insurer. Wet Ink Notary LLC is not a law firm and does not give legal or tax advice.