Aside from the U.S. Census Bureau estimates that the Hispanic-American population will grow three times faster than any other ethnic group in the next 20 years, there are unique overarching characteristics about this diverse group of Americans that LIMRA says makes them “a natural market” for life insurance.
A new report by LIMRA, an insurance research organization and trade association, suggests that Hispanics are more concerned with their financial situation than the general U.S. population, fear dying unexpectedly compared to other Americans and maintain a strong stance in the middle-income category, with a majority of households falling accordingly.
“While the Hispanic population is complex — they come from many countries — they share a tendency to be young, with large families including children and extended family members,” said Nilufer Ahmed, senior research director of LIMRA Insurance Research, in a statement.
LIMRA notes that one third of all Hispanics are “third generation or higher” in the U.S. but reminds the adviser that many families tend to be multi-generation, with different levels of acculturation and fluency of English within the home.
The study is called “Financial Protection for Hispanics” and more information on the research can be found here.
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