The other day I offered some interesting statistics from a LIMRA study about all of the uninsured and under insured Americans. I offered my thought that the reason these people didn’t buy life insurance was that they couldn’t find someone they trusted to meet their needs.

LIMRA (Life Insurance and Market Research Association) did a follow up study about “Why don’t consumers buy the life insurance they say they need?” This study was in their 2006 book titled Every Excuse in the Book.

The top five reasons are listed below. There are two columns of percentages. The first column is the percentage that consider it a major reason, the second stated it is a minor reason.

1. Dread high pressure sales tactics 60%-26%

2. Have other financial priorities 55%-28%

3. Difficult to decide type to buy 46%-38%

4. Difficult to decide how much to buy 44%-39%

5. Worry about making the wrong decision 36%-43%

I think you could apply all the same reasons to just about any major purchase and the percentages would likely stay in the same range. I’m thinking #1 might go up a bit with car sales, but maybe not. High pressure sales feels the same no matter who is applying the pressure on you.

At some point or another I have addressed most of these issues either on the website or in a blog. Allow me to reflect back on a few of those. Pick a question that hits home for you and please ask for any clarification you need. Those reasons that aren’t addressed today will be covered in the next few days.

Dread high pressure sales tactics

Difficult to decide what to buy

Difficult to decide what to buy

Worry about making the wrong decision

I’ll cover budgeting (Have other financial priorities) and how much to buy before the week is out.

Bottom line. Whatever is keeping you from doing the right thing for your family, find someone you can work with and get past it.

This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.