Top Reasons Parents Delay Buying Life Insurance and How to Finally Get It Done

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Life insurance. The words alone can stir up a mix of emotions: worry, avoidance, maybe even guilt. But here’s the thing, most parents agree it’s important. The problem is, that taking action feels like that “later” chore, kind of like organizing the garage or writing a will.

Parent’s life insurance is one of those things we all know we should have, but it rarely makes it to the top of the to-do list. After all, life as a parent is full of pressing priorities: soccer practice, meal planning, and homework help. It’s easy to push off life insurance for another day. But here’s the thing, delaying the decision doesn’t just leave your family vulnerable; it can make it harder and more expensive to secure the coverage you need. Let’s explore why so many parents delay buying life insurance and how you can overcome the hurdles holding you back.

So why do so many parents put it off? Let’s dig in.

“It’s Too Expensive” (Spoiler: It’s Not)

Most parents think life insurance will cost them more than their monthly grocery bill. In reality? A healthy 30-year-old can get a $250,000 term policy for less than $15 a month. That’s like skipping three lattes, or one family-size pizza.

The perception of cost is one of the biggest reasons parents delay buying life insurance, but it’s often based on a misunderstanding. Many people assume it’s going to drain their bank account. In reality, it’s probably the most affordable investment you can make in your family’s future.

How to Make It Work:

Get Quotes from Multiple Providers: It’s worth taking the time to shop around. For example, a healthy 30-year-old can secure a $250,000 term policy for around $13 per month. That’s less than a streaming subscription and way less than a family dinner out. Even if you’re older, you can find competitive rates if you compare quotes.

  • Example: Try platforms like Policygenius or NerdWallet to see a range of quotes side-by-side. You’ll often be surprised at how little it takes to protect your family.

Consider Term Life Insurance for More Affordable Coverage: Whole life insurance comes with bells and whistles, but it’s often overkill for parents on a budget. Term life insurance, which lasts for a set number of years (like 20 or 30), is far more affordable and ideal for covering your family until your kids are grown.

  • Example: A 20-year policy covers you during the critical years when your kids rely on your income for essentials like food, education, and housing.

Lock in Rates While Young and Healthy: Life insurance premiums are based on age and health. The younger and healthier you are, the lower your monthly costs will be.

  • Example: If you’re in your late 20s or early 30s, act now. A small delay can double your costs over time. For instance, a $13/month policy at age 30 could jump to $30 or more by age 45.

 

“I Have Other Financial Priorities”

Mortgage. Groceries. The occasional family trip to the zoo. It’s hard to justify another bill, even one this important. Almost half of uninsured people say immediate expenses crowd out long-term plans like life insurance.

A New Perspective:

Think of life insurance as your family’s financial seatbelt, protection you hope you never need but can’t afford to skip. Start small if you need to. A $100,000 policy is better than nothing, and you can build on it as your budget grows.

 “I Don’t Even Know Where to Start”

What kind? How much? For how long? It’s like staring at the menu at a new restaurant, too many choices make you want to bail. But delaying doesn’t make things any clearer.

The world of life insurance can feel overwhelming, there are so many terms, types, and calculations to navigate. That confusion often leads to paralysis, making it easier to do nothing at all.

Get Over the Hump:

Talk to a Licensed Insurance Professional: Insurance agents aren’t just there to sell, they can help demystify the process. Many agents will walk you through the types of policies, explain riders (optional add-ons), and help you determine how much coverage your family needs.

  • Example: Look for an independent agent who can show you policies from multiple providers instead of just one company. They’ll help you match your budget with your goals.

Use Online Calculators to Estimate Your Needs: Online tools are a great starting point. A good calculator will consider your income, debt, and future expenses like college tuition to give you a ballpark coverage amount.

  • Example: Let’s say you’re the primary earner bringing in $75,000 annually. A 10x income rule suggests $750,000 in coverage. But if your spouse works or you have significant savings, you might adjust that number downward. Play with the variables to see what fits.

Start with a Rule of Thumb: Replacing 10-15 years of income is a simple baseline for most families. This ensures your spouse and kids have enough time and resources to maintain their lifestyle if the unthinkable happens.

  • Example: If you make $50,000 per year, aim for a $500,000 to $750,000 policy. You don’t have to get it perfect on the first try, just take that first step.

“What If I Don’t Qualify?”

Pre-existing conditions can feel like a deal-breaker, but many insurers are more flexible than you’d think, especially if your condition is managed.

Solutions for Every Situation:

Apply While Younger and Healthier: Even if you think you’re not in perfect health, applying while you’re younger can offset potential issues. Insurers often reward younger applicants with more lenient underwriting.

  • Example: If you’ve recently quit smoking or started managing your blood pressure, insurers will factor in those improvements when determining your rates.

Look for Guaranteed Issue Policies: These policies don’t require a medical exam and are a good option for people with more severe health issues. While premiums are higher, they offer peace of mind and coverage when other policies might not.

  • Example: A guaranteed issue policy might offer $25,000 to $50,000 in coverage, enough to cover funeral expenses and small debts.

Work with Insurers Specializing in Your Needs: Some insurers focus on specific conditions like diabetes or heart disease. These companies are more likely to work with you to find a policy that fits.

  • Example: Research insurers that emphasize inclusivity, such as John Hancock, which offers programs tailored for people managing chronic conditions.

“I’ll Do It Later”

Ah, procrastination, the universal human habit. But here’s the thing: waiting has a cost. A 25-year-old might pay half the premium of a 45-year-old. Worse, life can throw curveballs, making it harder, or impossible, to get coverage later.

Beat the Clock:

Use Life Events as a Trigger: Major milestones like getting married, having a baby, or buying a home are perfect moments to prioritize life insurance. Treat these events as natural reminders to act.

  • Example: After the birth of your first child, consider how life insurance can provide a financial safety net for their future needs, from diapers to diplomas.

Set a Specific Deadline: Vague intentions like “sometime this year” rarely lead to action. Set a concrete goal, such as, “I’ll have a policy in place by the end of the month.”

  • Example: Put a note in your calendar, schedule a reminder, or even tell your partner for accountability.

Remember the Cost of Waiting: Premiums increase with age, but that’s not the only risk. Health changes can make you uninsurable or force you into a higher rate category.

  • Example: A 30-year-old might pay $15/month, while a 40-year-old with high blood pressure could pay $40 or more for the same coverage. Over 20 years, that’s nearly $6,000 more.

“It’s Too Emotional”

Talking about life insurance is, let’s face it, talking about death. It’s heavy. But reframing it as a gift to your family can make all the difference.

A New Frame:

Think of it as a love letter to your kids, your spouse, your whole family. It’s not about planning for the worst; it’s about ensuring they’re okay no matter what.

The Bottom Line

The best time to buy life insurance? Yesterday. The second best? Today. Getting coverage while you’re young and healthy is a gift to your future self, and your family.

Don’t let misconceptions or procrastination stand between you and securing your family’s future. Life insurance for parents isn’t just a financial decision, it’s an act of love. Start where you are, with what you can, and take that first step today.

Because in the end, life insurance isn’t just about money. It’s about love. It’s about peace of mind. And it’s about showing up for the people who depend on you, even when you can’t be there.