(HISPANIC TIMES WIRE) - According to “The 2011 Insurance Barometer Study” from the nonprofit Life and Health Insurance Foundation for Education, Hispanics have the lowest rates of life insurance ownership when compared to Whites and African Americans.
While 70% of Hispanic consumers agree that they personally need life insurance, only 54% of Hispanics say they own it. The gap is much narrower among other demographic groups. In comparison, 80% of African Americans and 67% of Whites agree they need life insurance, while 76% of African Americans and 62% of Whites own it.
Of the Hispanics who have life insurance coverage more than one in five (22%) feel that their coverage is inadequate. When asked why they do not own more, the top reasons Hispanics cite are having other financial priorities (92%), life insurance being too expensive (83 percent), not being sure of how much or what kind to buy (74%) and not having been approached by anyone (58%).
A majority (69 percent) of Hispanics strongly agree that the main reason to buy life insurance is because of love for their family. The top reasons Hispanics give for owning life insurance are to cover burial and other final expenses (87 percent), help replace lost wages/income of a wage earner (75 percent), transfer wealth/leave an inheritance (75 percent) and pay off a mortgage (63 percent).
Additional findings from the research:
- Hispanics Want to Understand What they are Buying.
- Hispanics Turning to Technology to Research Life Insurance but Ultimately Purchase Direct from a Company.
- Hispanics have Financial Concerns for Retirement, Paying Medical Expenses and Leaving Family Members in a Difficult Financial Situation.