Why Don’t Young Adults Buy Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

Why Don’t Young Adults Buy Life Insurance?

Lack of Understanding

  • Issue: Young adults often lack comprehension of life insurance’s benefits.
  • Solution: An experienced agent can clarify the process and advantages.

Perceived Cost

  • Misconception: Many believe life insurance is expensive.
  • Reality: Costs are lower for younger individuals.

Time Constraints

  • Belief: Young adults feel they don’t have time to explore insurance options.
  • Solution: Agents can streamline the process, saving time.

Lack of Awareness

  • Problem: Some young adults are uninformed about life insurance, possibly due to a lack of financial education from parents.
  • Solution: Outreach and education by insurance professionals.

Sense of Invincibility

  • Perception: Feeling of good health leads to a belief that insurance is unnecessary.
  • Reality: Securing life insurance early is typically cheaper and easier before health issues arise.

Overlooking Future Changes

  • Tendency: Young adults may not consider potential future life status changes that could necessitate life insurance.

Misunderstanding Beneficiary Needs

  • Misconception: Belief that no beneficiaries equals no need for life insurance.
  • Reality: Outstanding debts can be a burden on the family after death.

Role of Insurance Agents

  • An experienced agent, like those at The Annuity Expert, can assist in:
    • Understanding life insurance
    • Finding a policy suited to current and future needs
    • Navigating the policy acquisition process

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Young Adults and Life Insurance Perceptions

PerceptionRealityRole of Agent
Too complexSimplified by agent guidanceEducates and clarifies
Too expensiveMore affordable at a younger ageHighlights long-term savings
Time-consumingEfficient with professional assistanceStreamlines process
Unaware of benefitsValuable for future planningProvides information and outreach
Healthy and don’t need itCheaper before health issuesAdvises on proactive planning
No immediate life status changesFuture changes can impact needsHelps anticipate future needs
No beneficiariesProtects against debt burden on familyExplains broader benefits


Understanding the reasons behind young adults’ reluctance to buy life insurance and addressing these through professional guidance can lead to better-informed decisions. Working with an experienced agent can demystify the process, showcase the long-term benefits, and tailor a policy to fit both current and future needs. This approach ensures a comprehensive understanding of life insurance, ultimately providing peace of mind and financial security.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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