Black households are more likely to own life insurance. However, on average, these households own lower coverage amounts.
Black American households are more likely than the general population to own individual life insurance. However, their coverage levels tend to be lower.
Six in 10 Black American households (approximately 9.9 million) indicate they are fairly or very likely to buy life insurance for themselves or another member of their household in the next 12 months, compared to just 45 percent of the general population.
Single-mother households are less likely to own life insurance. However, on average, these households own higher coverage amounts.
This report illustrates the life insurance purchase process, and profiling characteristics that distinguish life insurance buyers.
A new study from LIMRA Secure Retirement Institute (LIMRA SRI) finds Black Americans are slightly less likely than the general U.S. population to be working with a financial advisor (33 percent versus 37 percent).
The U.S. life insurance market is large and growing. Over 87 million American households own life insurance, an increase of 5 million since 2010.
LIMRA Research Confirms LGBT Households Share Similar Financial Priorities and Concerns as All U.S. Households
In new analysis of data from the 2016 Life Insurance Ownership study, LIMRA finds that LGBT market aligns with the total market in regards to financial concerns and planning especially around life insurance ownership.