Less than half of Americans have any sort of life insurance. Part of the decline is there’s fewer life insurance agents today and with the decline in whole life insurance, it’s difficult for someone to make a living selling term life. So there’s less exposure to life insurance and it’s more important for a person or family to take the initiative to secure coverage.
A great time to secure life insurance is when you’re relatively young and healthy. You can often lock in 30 year rates for several hundred thousand dollars of coverage for $20-30/mo. If your health changes down the road and you haven’t previously locked in coverage, you may not be able to obtain coverage or it could be significantly more expensive. An independent agent like myself has access to 25 different life insurers, which gives you lots of options in securing affordable coverage.