Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Running Your Business > Marketing and Lead Generation

Final Expense Insurance Popular With Black Consumers: Survey

By Allison Bell

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • LIMRA and Life Happens gathered the data when they conducted the 2021 Insurance Barometer survey.
  • 56% of the Black Americans surveyed said they had life insurance.
  • 46% said they needed more coverage.

Black American consumers have a strong interest in burial insurance and other forms of final expense insurance, according to LIMRA.

LIMRA talked about the Black American life insurance market Tuesday, in a new release of data from the 2021 Insurance Barometer survey. LIMRA sponsored the online survey together with Life Happens.

The survey sample included a total of 3,007 U.S. adults, including 346 Black U.S. adults.

Here are some results for the full sample:

  • Own Life Insurance: 52%
  • Plan to Buy New Life Insurance or Additional Coverage Within the Next Year: 36%
  • Looking to Hire a Life Insurance Agent or Other Financial Professional: 25%

Here are the comparable results for the Black American survey participants:

  • Own Life Insurance: 56%
  • Plan to Buy New Life Insurance or Additional Coverage Within the Next Year: About 60%
  • Looking to Hire a Life Insurance Agent or Other Financial Professional: 30%

About 46% of the Black American survey participants said they needed more life insurance than they had.

LIMRA also found that 66% of the Black American participants said paying funeral bills and other final expenses is the primary reason to own life insurance. Only about 48% of all survey participants shared that view.

The results may be a sign that life insurers and financial professionals need to do more to tell Black American consumers about the role life insurance can play in protecting a family against loss of income, according to LIMRA.

(Image: Adobe Stock)

Allison Bell

Think_Allison

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.