Study: Life insurance is too expensive

PHOENIX — A new study found that most Americans believe life insurance is too expensive.

The study, conducted by InsuranceQuotes.com, found that 39 percent of U.S. adults don’t have life insurance, and the 61 percent of those who do are underinsured. Seventy-three percent of insured carry less than $250,000 in coverage.

The survey of 2,000 adults indicated many thought coverage was too expensive. However, more than 68 percent of adults who purchase policies are paying under $100 per month and nearly half of them are paying less than $50 per month.

Thirty percent of those polled have a term or temporary policy, 30 percent have a whole life cash value policy and another 30 percent weren’t even sure what kind of policy they had.

Of those who don’t carry life insurance, 45 percent said they don’t because “it costs too much.”