Of the 43.4 million Hispanic American adults, 40% are uninsured and say they need it; 11 % are underinsured and say they need more, according to the 2022 Insurance Barometer Study by Life Happens and LIMRA, which examined the life insurance needs of U.S. consumers, including 1,400 Hispanic Americans.
A total of 22.2 million have a life-insurance-need gap, the study found.
The potential for serving the Hispanic market is huge, said Faisa Stafford, president and CEO of Life Happens. Forty-one percent of Hispanic Americans own life insurance, the lowest among all races and ethnicities.
– Having other financial priorities – Not sure how much insurance they need or what type to buy – Haven’t gotten around to buying it – Do not feel they need any – Do not like to think about death.
Life Insurance Awareness Month (LIAM), which will take place in September, will provide a major opportunity for agents and other stakeholders to talk about the benefits of life insurance, promote it and build consumer trust, Stafford said.
In addition to participating in LIAM, advisors can take note of how Hispanics buy life insurance as they seek to reach more of them. When looking to buy life insurance, many Hispanics often go online, said Salka. However, she added, “the key is to use different types of media to reach them. Go where they are, and make your information easy for them to access,” she said