Hispanic Times Network

Hispanics Have The Lowest Rates Of Life Insurance Ownership When Compared To Whites and African Americans

(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.

 

Chicanos Por La Causa Receives National Recognition for its Successful Efforts in Reducing Crime

FOR IMMEDIATE RELEASE

September 1, 2011

Contact: María Jesús Cervantes

Director of Media and Communications

Chicanos Por La Causa, Inc.

(602) 257-0700 ext. 2120

(602) 622-5502 cell

mariajesus.cervantes@cplc.org

Glendale Police Department recorded a 78% drop in calls in only two months

Phoenix— Paradise Vista Apartments, a property managed by Tiempo Inc. (a for profit subsidiary of Chicanos Por La Causa) received national recognition by the Smart Policing Initiative (SPI) on August 24, for the significant improvements they have made in reducing crime in their area. The award was presented to Webster D. Bell, Paradise Vista Apartments Community Manager by the Glendale Police Department and SPI representatives from Washington D.C.

Tiempo established a partnership with the Glendale Police Department to reduce crime within the community, in March of this year. At the time, Paradise Vista was identified as one of the most challenged communities in the City of Glendale. The police department received a high volume of domestic violence calls from the multi-housing complex located at 7102 N. 43^rd Avenue in Glendale.

As part of the mutual collaboration, Tiempo staff agreed to notify police immediately about any potential crime or suspicious activity at Paradise Vista. In turn, the Glendale Police Department stepped up surveillance on and around the property – even employing plain-clothed officers to cycle the complex on bikes. In addition, Tiempo hired private courtesy patrol staff and established weekly meetings with a Glendale Police Crime Prevention representative to discuss reports, incidents, and security updates.

The results of this partnership are astonishing. Within two months’ time, Glendale Police recorded a 78% drop in calls to Paradise Vista, turning the community into a national-award recipient for crime reduction. The Tiempo-managed community is one of 16 properties in the country to receive such an honor. On Monday, September 26, Paradise Vista will be hosted by the Glendale Police Department and Arizona State University with a reception in their honor to celebrate this new-found partnership that enables neighbors and law enforcement to create safer communities for our families.

“It has been a pleasure working with Webster and such a great group of people,” said Doreen Anderson, Crime Prevention Specialist with the Glendale Police Department. “We look forward to accomplishing even more positive results together.”

“We are proud of our property and how we manage the community,” said Webster D. Bell, Paradise Vista Apartments Community Manager. “We strive every day to make Paradise Vista a beautiful, safe, environment, because we want to retain residents who are great neighbors.”

Tiempo Inc. develops, acquires, and revitalizes communities through managing affordable residential housing (single- and multi-family) and commercial properties throughout the southwest. Through Tiempo, CPLC manages 18 multi-family housing complexes consisting of more than 2,300 apartment units, 50+ single-family homes for lease and for sale; and commercial properties such as office and specialty retail facilities.

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Chicanos Por La Causa, Inc. (CPLC) is a statewide community development corporation committed to building stronger, healthier communities as a lead advocate, coalition builder and direct service provider. The organization promotes positive change and self-sufficiency to enhance the quality of life for the benefit of those we serve.

Mass Mutual Collaborates with ALPFA and Invests in Future Latino Business Leaders

(Springfield, MA) - Massachusetts Mutual Life Insurance Company (MassMutual) and ALPFA—the largest association of Latino professional leaders announced a collaborative relationship aimed at helping the exploding number of Latino small business owners and families make good financial decisions for a more secure future. MassMutual’s continued focus on providing much-needed financial education to the Latino community will be bolstered by its relationship with ALPFA, a non-profit organization dedicated to preparing more Latinos for leadership opportunities and stronger prospects for the community.

“The Latino population’s phenomenal growth, combined with the country’s economic climate, makes it critical for this community to work towards greater financial security for individuals, businesses and families,” said Chris Mendoza, assistant vice president, multicultural market development, MassMutual. “ALPFA is a natural partner for us because it is on the front lines of providing future Latino business leaders with the skills and knowledge to serve the financial needs of the growing Latino community.”

The ALPFA Annual Convention took place in Anaheim, Calif., from August 5-10th where MassMutual unveiled the early findings of national proprietary research that examines the state of small business owners’ fiscal fitness. Although the U.S. Census indicates that Hispanic-owned businesses are increasing at more than double the national rate—growing by 43 percent between 2002 and 2007—MassMutual’s research shows significant gaps in their fiscal knowledge and use of available tools to help them create a more solid future for themselves and their families.

“ALPFA members—both seasoned professionals and student future leaders—should understand and explore ways to close these gaps in our community’s fiscal health. Along with MassMutual and other leaders in the business community, we must come together to determine strategies for improving Latinos’ knowledge and financial confidence, so we can all better serve the community,” said Manny Espinoza, CEO, ALPFA.

In addition to serving as a sponsor for the ALPFA National Convention, the 160-year-old MassMutual will support ALPFA’s Leadership Summit in November 2011, participate in local chapter events and reach out to the organization’s membership with employment opportunities and financial educational information.

The sponsorship of ALPFA is a key component of MassMutual’s Hispanic Fiscal Fitness Initiative that includes partnerships with Latino non-profit business organizations across the country to help Hispanic business owners and professionals improve their financial health.

Minorities, Immigrants and Foreclosures

 

 

 

The Pew Hispanic Center, a project of the Pew Research Center, today released a report that analyzes trends in homeownership from 1995 to 2008; higher-priced lending to Hispanics and blacks in 2006 and 2007; and factors related to differences in foreclosure rates across the nation's 3,141 counties.
 
The study finds that minorities experienced the greatest gains in homeownership rates during the housing boom of 1995-2005, but blacks and native-born Hispanics have experienced the sharpest setbacks in recent years. Also, Hispanics and blacks remain far more likely than whites to borrow in the subprime market, pay higher rates on loans and carry higher debt relative to their incomes. Meantime, compared with the native born, immigrants have suffered a smaller decline in their homeownership rate during the housing slump.
 
The analysis of foreclosure rates in U.S. counties finds they are related to the share of immigrants in county populations. However, it cannot be concluded that immigration in and of itself is the cause of higher foreclosures. The condition of the local economy, house prices and higher priced lending to minorities are among other key factors related with county foreclosure rates.  The report is available at the Pew Hispanic Center's website, www.pewhispanic.org.