A cut above: Life insurance ownership among African-Americans
October 25, 2016 by Warren S. Hersch
There’s been much hand-wringing over the historically low levels of life insurance ownership. Yet there are some bright spots in the individual life insurance market.
One among them: middle-class African-Americans. According to the industry group LIMRA, about 6 in 10 middle-market African-American adults own life insurance. That compares to just 46 percent of all adults ages 25-64 in the middle market, or those with household incomes between $35,000 and $100,000.
The ownership gap between blacks and the general population is mirrored in the two group’s views on life insurance. Fully 70 percent of middle-market African-Americans, LIMRA notes, “strongly agree” that people need life insurance to guard against the risk of financial loss. This contrasts with about 50 percent of the general population.
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