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Study: Many Hispanics don't own life insurance

Posted On Wed, September 14, 2011

A recent study from the LIFE Foundation found that when compared to Whites and African-Americans, Hispanics have the lowest rate of life insurance coverage.

The 2011 Insurance Barometer Study found that only 54 percent of Hispanics are covered by a life insurance plan, while seven in 10 of these people think they need it. More than 65 percent of Whites say they should have it, while 62 percent of these people do. For African-Americans, 80 percent expressed their want for it, and 76 percent actually owned it.

"Far too many Hispanics lack adequate life insurance coverage and are leaving their loved ones financially vulnerable by not insuring themselves," said Marvin Feldman, president and chief executive officer of the LIFE Foundation. "Life insurance has never been as easy or inexpensive to buy, yet millions continue to put off getting coverage that they, by their own admission, say they need."

For those that do not have this type of coverage, it may be a good plan to compare life insurance rates to see what works best for them financially and benefit.

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