Sandy Fischer | Aug 21 2025 15:00
Why Do We Hesitate to Buy Life Insurance?
Have you ever found yourself intending to purchase insurance but somehow never getting around to it? You're not alone. This common scenario isn't just about procrastination; there's more going on beneath the surface. Recognizing and understanding the psychological patterns can help you take confident and informed steps towards financial security.
Normalcy Bias: The Comfort of Routine
One reason for the delay can be attributed to what psychologists call "normalcy bias." This is the belief that things will continue as they are, preventing us from preparing for unforeseen events. Picture this: you've never needed life insurance before, so why start now? Unfortunately, life can change in an instant. By acknowledging this bias, you can better prepare for those unlikely but possible emergencies—because they can happen to anyone.
Optimism Bias: The Overestimation of Control
Another factor at play is "optimism bias." This cognitive tendency leads us to believe that we're at less risk than others for unfortunate situations like illness or accidents. While it's great to have a positive outlook, this bias can lead you to avoid or delay getting life insurance, thinking "it won't happen to me."
Cost Misperception: The Barrier That Shouldn't Exist
Many Americans face what’s known as "cost misperception." A staggering 72% overestimate the cost of life insurance, which becomes a considerable roadblock. The reality is that life insurance can often be more affordable than expected. Understanding this misperception can help clear the path towards securing a policy. Recognizing these psychological tendencies is the first step in overcoming them. Whether it’s reaching out for a quote, researching policy options, or simply starting a conversation about life insurance, taking that initial step today can make all the difference.
