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Don’t Let These 7 Reasons Hold You Back from Buying Life Insurance

by Erie Insurance

Are you like the majority of Americans who don't have life insurance1, but say that they know they need it? With the price of everything from home to college and grocery to daycare costs rising, it’s more important than ever to get life insurance to help protect your loved ones.

According to the 2022 Insurance Barometer Study, from Life Happens and the financial and insurance organization LIMRA, 2 in 5 parents say they are barely or not at all financially secure. It’s crucial to be prepared with life insurance on your household breadwinner, as 44% of survey takers said they would feel financial hardship in less than six months if something happened to them.

While cost is certainly a major factor (and it takes the top spot in our list below), some of the other reasons might resonate with you also.

  1. It’s too expensive. Cost is the number one reason people don't have life insurance. The same study shows that women specifically cited expense as a roadblock to purchasing life insurance, even though they recognized its importance more than men (44% vs 38%). Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone.
  2. I have a health condition. The good news is that having a health condition doesn't automatically disqualify you from getting life insurance. If you overcame a serious condition in the past or if you are managing a condition with the help of a medical professional, you can still be covered.
  3. I don’t have any kids. There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.When you purchase life insurance, consider adding a Guaranteed Insurability Option (GIO) rider2 which lets you increase your protection in the future, when you may have children or other reasons to increase coverage. By purchasing the GIO rider with your initial Erie Family Life policy, you’ll be able to increase your life insurance coverage over time without having to answer medical underwriting questions.
  4. I don’t work outside of the home. If you stay home to care for kids or other family members, it may require hiring someone to replace all that you do. And that could be pricey, so definitely consider buying life insurance as a way to cover those additional expenses.
  5. I have a policy through work. If you have a group life insurance policy through work, you still need your own personal one. A work policy may not go with you if you switch jobs or retire.
  6. I’m not sure what I need. Most people don’t—but your ERIE agent is there to help you. Erie Family Life offers options like term life insurance that’s designed to last for a specific period of time and permanent life plans designed to last a lifetime. Your agent can recommend one that works with your life and budget. You can also get an idea of how much life insurance you need by using our handy life insurance calculator.
  7. I don’t have the time. Life is busy, which is why Erie Family Life offers e-signature on life insurance policies to make the process easy and convenient. You can also consider ERIExpress Life3, which can provide between $10,000 to $500,0004 worth of coverage that can be effective the same day as your application. There are no doctor's visits or complicated forms—just a simple application with only a few medical questions.

A Life Policy for Every Situation

Talking about life insurance probably isn't the easiest conversation to have, but it’s too important to put off. You can trust Bowers Insurance to make the conversation as easy as possible, and advise you on finding an affordable policy to help you protect your loved ones.

  • 1

    ERIE® life insurance products and services are provided by Erie Family Life Insurance Company (home office: Erie, Pennsylvania). Erie Family Life Insurance Company is not licensed to operate in all states. Go to for company licensure information.

  • 2

    Guaranteed Insurability Option subject to underwriting approval. Not available on all plans. Issue ages 0—40. See your agent for rider specifics, availability, terms and conditions. Additional cost applies.

  • 3

    ERIExpress Life application contains medical questions. All applications are subject to underwriting approval and certain health conditions may require a fully underwritten life policy instead.

  • 4

    This life insurance offer is available for applicants ages 18-55 with policy face amounts up to $500,000.

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