A new AAA survey of more than 400 people found that nearly one-third of Michiganders don't have a life insurance policy.
Those who participated in the survey gave a number of reasons for choosing not to be covered, but the biggest factor seemed to be cost. More than a third of participants overestimated how much a policy actually costs.
However, according to AAA, you can get very good coverage for a reasonably low price. For example, a 35-year-old woman who doesn't smoke can get a $100,000 policy for as little as $8 a month.
Participants gave other reasons as well for opting not to be covered. Those included various insurance myths, such as not needing life insurance because they're a stay-at-home parent, they're single, or because they're a senior citizen.
Those who do have coverage have a life insurance policy that's valued anywhere between one and three times their annual salary.
This survey was conducted online and given to Michigan residents living here from June 10-29 of 2016.
