IQ: 39 Percent of U.S. Adults Need to Get Life

Harris Interactive polled 2,000 American adults and found that 4 in 10 of them either don't have or are uninformed about life insurance. The most common reason for this lack of coverage was the belief that it “costs too much,” cited by 45 percent of respondents. 

The poll also found:

• Adults ages 18 to 34 are the most likely to lack life insurance—56 percent of them didn't have it, compared with 38 percent of adults ages 35 to 54 and 27 percent of adults 55 and older.
• Fifty-seven percent of single adults who have never been married didn't have the coverage.
• Twenty-nine percent of college grads didn't have it, compared with 43 percent who haven't graduated. 

Income may relate with the decision to purchase life insurance. About 60 percent of households with annual incomes of less than $35,000 did not have the coverage, compared with 23 percent of those with an income of at least $75,000. Even people with life insurance may not fully understand their coverages. Thirty percent of those with the coverage didn't know what their policy lengths were.

In direct contradiction with the beliefs of those who do not have the coverage because of supposed high costs: two-thirds pay less than $100 a month for it and 46 percent pay under $50. Even more supportive of purchasing life insurance:  Nearly 70 percent of those with life insurance have never changed providers—meaning they could benefit from seeking out the current best value.