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Survey: Life insurance becomes priority when days are numbered

By Maryalene LaPonsie on February 23rd, 2012

A recent survey from the LIFE Foundation confirms what many could probably guess: buying life insurance is not a priority for most Americans.

When asked about their purchase plans, only 2 percent of adults said they would buy a policy in the next 30 days. However, if told they were expected to die within those 30 days, the number saying they would buy a policy jumps to 62 percent.

The nonprofit organization is using that tidbit of information as the launching point for a new public awareness campaign. The LIFE Foundation has created a fruit fly couple to represent their Insure Your Love initiative. Why fruit flies? Because their life span is only 30 days.

"Pardon the pun, but no one understands how quickly time can fly better than actual fruit flies," says Marvin H. Feldman, president and CEO of the LIFE Foundation, in a press statement. "Our fruit fly characters deliver their messages in a funny way, but there's nothing funny about dying and leaving your family in a dire financial situation."

Making life insurance a priority

The LIFE Foundation campaign features an interactive website as well as three videos highlighting the fruit flies. The underlying message of the videos is that there is no time like the present to purchase life insurance.

According to the foundation, most people say they don't own life insurance because of the cost. However, affordable life insurance is more readily available today than in the past, says the LIFE Foundation. Rates for term life, in particular, have dropped by approximately 50 percent in the last 10 years.

"The reality that millions of Americans refuse to admit is that it's never a question of 'if' they will die, but 'when' that day will come," says Feldman in a statement. "If you have people who depend on you financially and would suffer when you die, there's no excuse for not buying life insurance right now, before it's too late."

For many, instead of being too expensive, life insurance simply may not be a priority. The LIFE Foundation hopes to change that by encouraging individuals not to delay in seeking out life insurance quotes and coverage.

Those seeking affordable life insurance may want to consider term life, which provides coverage for a fixed period of time. Individuals looking to expand their investments may find whole life policies and their cash value component to be an attractive choice.

 

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