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Top Five Life Insurance Myths
Don’t let these five misconceptions delay you from protecting your loved ones with life insurance.
More people are preparing for the unexpected
31%
Consumers impacted by COVID-19 more likely to purchase life insurance
44%
Millennials overestimate life insurance costs
3x
Consumers typically overestimate actual cost
The untimely death of a loved one once seemed like a remote possibility. But the pandemic has brought a new awareness of how vulnerable life can be. Numbers from LIMRA, a life insurance knowledgebase, tell the story:
You only need to type “funerals” into the search field at GoFundMe to see endless tales of the heartbreaking loss of a loved one, followed by financial crisis for their family. The truth is, life can be breathtakingly uncertain. But the financial impact of a loss can be avoided with life insurance.
We’ve partnered with Ethos to help you find the right policy for your needs, with zero hassle. Get your no-obligation quote in seconds.
The bottom line: Millions of Americans lack critical life insurance. But today, getting coverage is simple with Ethos.
Do these thoughts sound familiar?
Major insurers like Northwestern Mutual, Pacific Life, and Guardian Life all address these same misconceptions in their educational content, showing this is an industry-wide issue. Northwestern Mutual research shows 44% of Millennials overestimate life insurance costs, and consumers typically overestimate by 3x the actual cost according to multiple industry studies.
Here are five of the most common reasons people put off getting life insurance—and why you should rethink them.
Myth 1: It's Too Expensive
  • Millennials overestimate cost by 5–10x!
  • Healthy 30-year-olds: approx. $170/year.
  • Healthy 35-year-old: $1M policy for $65/month.
The truth: A $1,000,000 policy can cost less than auto or home insurance.
Myth 2: Workplace Coverage is Enough
  • Typically 1x salary or $20,000.
  • 54% of households rely on dual incomes.
  • Often non-portable if you leave your job.
The truth: It's usually insufficient for a family's long-term financial needs.
Myth 3: I Don't Want to Think About It
  • Ethos application takes <10 minutes.
  • The longer you wait, the more expensive it gets.
  • Future insurability is not guaranteed.
The truth: You can get covered in the time it takes to finish your morning coffee.
Myth 4: I Don't Need It / Self-Insure
  • 25% of families would suffer financially in 1 month without primary earner.
  • Raising a child costs nearly $300,000 (excluding college).
  • Policies can offer living benefits (e.g., for terminal illness).
The truth: Life insurance offers far more coverage than most can self-provide.
Myth 5: The Process is Too Complicated
  • Traditional process required medical exams, long waits.
  • Ethos approves 95% of people aged 20–85.
  • Approval in as little as 10 minutes with health/lifestyle questions.
The truth: Modern platforms like Ethos have streamlined the entire process.
Actual vs. Perceived Costs
Many consumers significantly overestimate the cost of life insurance. Here's a comparison:
This gap in understanding often leads to people delaying crucial coverage.
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If you’re ready to make a plan for life insurance, start by getting a quick quote from our friends at Ethos.