I keep a single sheet of paper on my desk that stops most Rhode Islanders cold—the 10-times overestimate they make about life insurance cost.
The Coverage Gap: 100 Million and Counting
More than 100 million Americans are uninsured or underinsured when it comes to life insurance (LIMRA 2025 Insurance Barometer Study). That's about 40% of the population needing coverage or more of it. In Rhode Island, we're not immune—families across the state go without the protection they need, often because of one simple misunderstanding.
This gap leaves spouses, children, and aging parents financially vulnerable. Without a death benefit, a lost income can mean losing the house, pulling kids out of college, or burying a loved one in debt.
Going without life insurance leaves your family exposed to financial devastation, and the cost of waiting only goes up. It's not just about the death benefit—it's about income replacement, mortgage protection, and education funding.
The Number That's Costing Families Everything
Three in four Americans overestimate the cost of life insurance, and adults 30 and under overestimate the price of a term policy by 10 to 12 times its true cost (LIMRA 2025). I see it in my office weekly: a young couple convinced they can't afford it, when in reality a term policy could cost less than their monthly streaming subscriptions.
66% of people who say they need life insurance still haven't bought it because they think it is too expensive or have other financial priorities (LIMRA 2025). That's a staggering number of households betting that nothing will go wrong, when the data shows the only thing standing between them and coverage is a price they never bothered to check.
Term life is not a one-size-fits-all solution. Some clients need permanent coverage, and health conditions can affect rates. But the first step is getting an accurate price, not assuming it's out of reach.
What It Actually Means for Rhode Islanders
Term life insurance is straightforward: you pay a fixed premium for a set period, and if you pass away during that term, your beneficiaries get a tax-free payout. It's designed to replace income, pay off a mortgage, or fund education—not to create a lottery ticket. Because it has no cash value component, it's often far more affordable than people assume.
The real risk isn't paying a few dollars a month for peace of mind. It's doing nothing and leaving your family unprotected. I've watched too many Rhode Island families scramble after an unexpected death, and the common thread is always the same: 'We thought it was too expensive.'
I've sat across from hundreds of Rhode Island families who walked in convinced life insurance would cost ten times what it actually does. Once I show them the real numbers—not the ones they made up in their heads—the relief is visible. Many of them leave with a term policy that fits their budget and finally fills the gap they'd been ignoring for years. That conversation is why I keep that piece of paper on my desk.
Questions people ask
I'm young and healthy. Do I really need life insurance now?
Yes, because it's never been more affordable. Locking in a term policy in your 20s or 30s secures low rates for decades, and you protect your future insurability.
Why do so many people think it's expensive?
They confuse term life with whole life, or they've never gotten a quote. The LIMRA study shows most base their guess on nothing more than a gut feeling.
What if I wait until I'm older?
Premiums rise with age, and health changes can make coverage harder to get. The best time to buy is when you're young and healthy.
Get a Real Quote from a Local Broker
Stop guessing. I'll walk you through what term life actually costs for your situation, with no pressure and no inflated estimates. Call my office or request a quote online.
Call Omar: 401-287-2737 →Life Catlin Insurance is an independent brokerage. This is general education, not a guarantee of coverage or price; rates depend on age, health, and product. Omar Catlin, Licensed Insurance Broker, North Providence, RI.