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Not having life insurance coverage can cause a family serious financial hardship if a loved one passes away unexpectedly. Still, many people continue to leave loved ones at risk of financial ruin by not buying life insurance—but why?

We explore the three main reasons why people don’t buy term life insurance: superstition, cost, and inconvenience. Despite these assumptions, term life insurance is convenient and more affordable than you may think.

The first reason why people don’t buy life insurance: Superstition.

We insure our homes, cars and cell phones. Some people even insure their hair and hands, but so many people avoid life insurance for the silliest reasons, one being superstition.

I asked a friend once why he doesn’t buy term life insurance now that he has a house and family to worry about. His response made me chuckle a bit, but then I realized he wasn’t laughing back. He truly had a superstitious fear that if he bought life insurance, then suddenly he would be more likely to die.

After some research, it turns out that superstitions like that are a common reason why people avoid buying life insurance.

Well, let me be the first one to tell you that if you buy term life insurance, your risk of dying won’t go up and it may actually go down. The peace of mind knowing that your loved ones will be fine if you left this great earth brings most people a sense of calm and security, ultimately lowering your blood pressure.

The second reason people don’t buy life insurance: Cost.

Most people overestimate how much it costs to buy term life insurance by three times.

Whether you are considered Preferred Plus or Standard by the life insurance company, chances are you are paying much less for a term life insurance policy than your cable bill. Instead of just assuming it’s too expensive, try it out for yourself.

Here at Quotacy, we make it easy for you to get life insurance quotes. No need to give away your phone number or email address in order to see quotes in real time.

Get comfortable with the pricing and options before you apply. The online life insurance application only takes a few minutes.

Your age, gender, and health all affect your costs, but because Quotacy works with multiple insurance companies, there are many offers you can choose from and compare.

A free service Quotacy provides is double-checking to make sure you’re paired with the best insurance company for your unique profile. This step ensures you’ll get the best possible price for the coverage you’re looking for.

For example, if you have a history of depression, some insurance companies will place you in a higher risk category than other insurance companies. A higher risk category means you pay more for life insurance. Quotacy makes sure you’re paired with the carrier that will be most lenient when evaluating your application.

If you have any risk factors that could influence the risk class you’re assigned to by an insurance company, your Quotacy agent shops your case behind the scenes before officially submitting your online application to an insurance company. Your agent will reach out with their suggestions and set realistic expectations. Then you decide what you’d like to do.

Take a second to run a term life insurance quote. You may be pleasantly surprised.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

The third reason people don’t buy life insurance: Inconvenience.

Other people avoid buying life insurance because they feel lost in getting started and believe it will take too much time to figure out. This is a valid reason and I want to tell you there is good news.

The Internet has made buying life insurance easy. Quotacy brings the gift of life insurance to you in a familiar way that’s easy to research and understand.

Getting quotes and applying is done completely online. No need to schedule a time to go to an insurance agent’s office. No need to gather financial paperwork to bring to a meeting.

Many life insurance companies also no longer require a medical exam for healthy individuals. If you’re eligible, this is one less step to worry about. Your agent will let you know if you qualify for an accelerated underwriting program—the program that doesn’t require an exam and expedites the coverage approval process.

Purchase a life insurance plan right from the comfort of your own home. After you apply, your dedicated Quotacy agent will keep you posted every step of the way as your application moves through the buying process.

So, don’t let silly superstitions and the fear of the unknown stop you from doing the right thing for your loved ones.

It’s never too soon to buy life insurance, it’s only too late. Be prepared and get a free and anonymous life insurance quote today.

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius, CLU

Senior Editor and Licensed Life Insurance Expert

Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.