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National survey by Erie Insurance reveals top reasons people do and don't get life insurance
Survey also finds widespread confusion over whether/how COVID-19 affects ability to get life insurance, and percentage of people who name dogs and cats as
About this update from Erie Indemnity Company
[{"type":"text","content":"Survey also finds widespread confusion over whether/how COVID-19 affects ability to get life insurance, and percentage of people who name dogs and cats as beneficiaries (but that's probably not the best idea)\n\n\nERIE, Pa., Sept. 14, 2020 /PRNewswire/ -- Life insurance can pay for final expenses and provide financial security for loved ones left behind, but a new national survey from Erie Insurance shows many people are confused about it. Large percentages of respondents were unsure how various occupations and health conditions might affect who can or can't get life insurance, and many significantly overestimated the cost. Respondents also shared the reasons they first got life insurance, and the reasons they do – or don't – have it now. \n\n \n \n\n \n\"Getting a life insurance policy is one of the most important things a person can do to take care of their families and yet, it's a topic that many people don't want to think about. As a result, there is a lot of confusion about it,\" said Lou Colaizzo, senior vice president, Erie Family Life. \"Erie Insurance commissioned this survey to help raise awareness of the benefits of life insurance and to take some of the mystery out of it.\" \nReasons for not having life insurance When asked why they don't have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, at Erie Insurance, a 20-year, $250,000 term policy would cost roughly $200/year for a healthy 30-year-old male and $185 for a healthy 30-year-old female.* But more than half of respondents (56%) estimated it would cost $300/year or more, including 10% thinking it would be $500/year and 11% guessing it would be more than $500/year. \nReasons and motivations for having life insurance Of those who have purchased life insurance, people were asked to list their one or two top reasons for doing so. The top five reasons were: \nTo have money to leave as an inheritance for loved ones 37% So my loved ones would have money to pay for my funeral expenses 37% So my spouse and/or children would have enough money to maintain our current standard of living without my income 32% So my loved ones could pay my debts 17% So my spouse and/or children could keep our current home 10%When asked which life event first motivated them to buy a life...