Beginning March 29: To help insurance agents and financial advisors like you guide clients in making critical wealth, health and life decisions we will be moving our coverage from to

Our comprehensive coverage will help you expand your knowledge base and adapt a new client-centric approach that incorporates both insurance and investment solutions.

ThinkAdvisor’s new Life/Health channel is your roadmap to thriving in a disrupted environment.


Filed Under:Life Insurance, Sales Strategies

The multicultural consumer

chart 3The African American consumer

African Americans made up 6 percent of survey respondents but represent 13 percent of the general population. But the potential for growth is there for advisors. Currently, a small percentage of advisor business comes from the African American market. Only 10 percent of respondents said that 26 percent or more of their clients come from the African American community.

A whopping 57 percent of respondents report that “covering funeral expenses” is among this group’s primary concerns. (Figure 3) This was in sharp contrast to the other groups studied, who were less concerned about this issue. When asked which products African American clients were most likely to inquire about, 87 percent of respondents said “life insurance.” (Figure 4)


chart 5The Hispanic consumer

Of the general population, 17 percent are Hispanic, while 6 percent of respondents identified themselves as such. Hispanic consumers do not make up a huge portion of the respondents’ practice with 7 percent of the agents saying that 26 percent or more of their clients come from the Hispanic community. When asked which concerns/goals are most important to their Hispanic clients, 57 percent said “health care costs.” (Figure 5) Another major concern, according to respondents, was with security in the case the primary income earner was to die (55 percent).

chart 6The potential is there for growth. According to respondents, Hispanics showed great interest in insurance products. A full 75 percent of respondents reported life insurance was the most asked about product by their Hispanic clients. (Figure 6) Also, as seen in Figure 7, respondents listed their primary challenges when marketing to Hispanic consumers. They noted product affordability (47 percent) and language barriers (36 percent) as significant concerns. A lack of familiarity with the culture (9 percent), which might have been considered a hindrance to connecting with the market, was not a big worry for respondents.

See also:

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.