When assessing the rate of life insurance purchases among specific races and ethnicities, a new study reveals that Hispanics have a lower rate of ownership compared to whites and African Americans.
According to the Life Insurance Market and Research Association's Insurance Barometer Study, while 70 percent of Hispanics said they need life insurance, just 54 percent said they actually have a policy. The disparity was much less significant among African Americans, as 80 percent said they needed it and 76 percent said they had it. The ratio among whites was 67 believed they needed it and 62 percent who own a policy.
"Far too many Hispanics lack adequate life insurance coverage and are leaving their loved ones financially vulnerable by not insuring themselves," said Marvin Feldman, president and CEO of the Life Foundation. "Life insurance has never been as easy or inexpensive to buy, yet millions continue to put off getting coverage that they, by their own admission, say they need."
These findings may help agents tap underinsured markets as they pursure life insurance leads.