Index options are relatively cheap. Just look at the VIX which is in an all time low range. VIX essentially is a proxy for the price of S&P 500 puts.
But, the options are cheap because the market has been range bound. So why bother paying the time premium to protect against a market decline? You are making the bet that 1) volatility returns before you suffer significant time decay, and 2) that the volatility is to the downside and not the upside.
Also, probably not the best strategy to fight the central bankers and share buybacks and increasing earnings and low interest rates with a long term bet in a wasting asset.