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Black Americans: Life Insurance Ownership and Attitudes — A 2021 Insurance Barometer Supplementary Report

Elizabeth Caswell, ALMI; Stephen Wood 7/1/2021

This report explores Black Americans’ life insurance ownership and attitudes, as Life Happens and LIMRA recognize the importance of keeping the industry informed on the financial needs and behaviors of diverse consumer markets.

Summary

Life Insurance
- Over half (56 percent) of Black Americans own life insurance, which is higher than the national average (52 percent).
- Given a population of 44 million Black American adults, the data suggest an insured population of 24.6 million Black Americans.
Financial Concerns
- Top financial concerns among Black American include paying monthly bills, leaving an inheritance, saving for retirement, and reducing student debt.
Financial Advice
- Thirty percent of Black American indicate they are currently seeking a financial advisor — a proportion higher than the national average (25 percent).

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