Media Contacts
Catherine Theroux
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Brooke Lacey
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184
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9/30/2021
Despite 8 in 10 Hispanic consumers saying they believe they should own life insurance, only half actually have coverage, according to the 2021 Insurance Barometer Study. This market represents a growing opportunity for the life insurance industry. According to the U.S. Census Bureau, the Hispanic population has grown 23% over the past decade to 62.1 million, now accounting for 1 in 5 people in the U.S.
While the Hispanic community is very diverse, comprising of heritages from across Latin America, Central and South America, and the Caribbean, they share common cultural values, especially around the importance of family. These values are reflected in their financial priorities and concerns.
In honor of Hispanic Heritage Month, LIMRA has collected 15 facts about Hispanic consumers and life insurance.
Impact of COVID-19 on the Hispanic Community
COVID-19 had a greater impact on the Hispanic community. According to the Centers for Disease Control and Prevention (CDC), Hispanic people were almost twice as likely as non-Hispanics to get infected with COVID-19, and more than twice as likely to die.
It is not surprising to learn that the pandemic influenced Hispanic consumers’ perceptions about life insurance:
Misconceptions Impede Ownership
It is clear that Hispanic consumers view their life insurance coverage as a way to protect their loved ones’ financial future. Similar to other market segments, however, Hispanic consumers’ misconceptions about life insurance often deters them from getting the coverage they know they need.
Life insurance is the foundation of any sound financial plan — supporting financial goals, like education, home ownership and generational wealth transfer, as well as protecting families from the unexpected. As an industry, one way we can help address the racial wealth gap that exist in the Hispanic community is by engaging and educating Hispanic consumers about the importance of life insurance and helping them get the life insurance protection they need to ensure their families’ financial security.
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184