A new LIMRA study unveils insights on the Hispanic community's needs, attitudes, and perceptions about financial planning and term life insurance.
Among the study's most compelling findings:
o English-speaking Hispanics are more likely to own individual life insurance than Spanish speakers (67 percent versus 25 percent) and are more open to alternative channels for learning about life insurance.
o According to 42 percent of the respondents, understanding the price of life insurance is the most important piece of information Hispanic consumers need to help them decide what to purchase.
o Many Hispanic consumers think life insurance is an unaffordable luxury reserved for the rich and would be surprised to learn just how affordable term life insurance can be.
o Many believe term life insurance costs two, three, or four times as much as it really does.
o Face-to-face interaction is the preferred method for learning about life insurance. About half of the respondents indicated interest in learning through seminars.
o Very few Hispanics report ever being approached by a life insurance agent.
