Each year, nearly 48% of Americans die without life insurance, and another 21% die underinsured, leaving loved ones exposed to financial hardship. The Jamaican data is even more alarming. This trend begs the question: Why?
1. Ignorance: They Don’t Know What They Don’t Know
Many simply don’t understand how life insurance works or why it matters. There’s a widespread belief that life insurance is only for the wealthy, elderly or terminally ill. Others underestimate the cost of final expenses, outstanding debts, or the income gap their absence could create. Education is lacking, and many aren’t even aware that policies can be tailored to fit different needs and budgets.
2. Arrogance: “It Won’t Happen to Me”
Some people acknowledge the risk but choose to ignore it. They assume they’ll have time to plan later or that their family will “figure it out.” This misplaced confidence often comes from being young, healthy, or overly optimistic. Unfortunately, death doesn’t always wait for the “right time.”
3. Inability: It’s Just Not Affordable (Or So They Think)
For others, the barrier is financial. When budgets are tight, insurance premiums feel like a luxury. But often, this is based on misconceptions, many overestimate the cost of life insurance by 2-3 times its actual price. With term policies, coverage can be surprisingly affordable, especially when purchased young and healthy.
The Bottom Line
This isn’t just a financial issue, it’s a legacy issue. Whether due to lack of knowledge, false confidence, or budget constraints, going without coverage puts families at risk. The conversation needs to shift from “I can’t afford it to “How can I afford it?
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