Americans are buying life insurance too late

A new ValuePenguin.com survey has found that Americans are buying life insurance too late, and 1 in 3 Americans don’t have a life insurance policy despite wanting one – because they found premiums too expensive when they wanted to purchase a policy. The research also found that ‘Boomers’ (54-72 year olds) expressed regret for not purchasing a life insurance policy sooner, when it would have cost them a lot less money.

Additionally, it was found that 63% of the survey’s respondents seemed confused over the best time to purchase life insurance, and chose milestones like “getting married”, “having a child”, “buying a home” or “reaching retirement age” as the best time to purchase life insurance.

Unsurprisingly, it was found that Gen Z (18-24 year olds) could not correctly identify the best time to buy life insurance.

You can view a more detailed breakdown of the research here: https://www.valuepenguin.com/average-cost-life-insurance