Middle-market African-Americans are more likely to consider saving for an emergency fund’ as a top financial priority compared to the middle market as a whole (74 percent vs. 62 percent), according to a new LIMRA study about African-Americans. Debt reduction goals also are considerably more important for this group.
African-Americans make up 12 percent of the 52 million households in the middle market and are more likely than the general population to own life insurance. The study found that 6 in 10 middle market African-Americans own individual life insurance compared to only 46 percent of the U.S. middle market.
Their higher rates of ownership are in line with their positive attitudes about life insurance. Only about half of the general middle market strongly agrees that most people need life insurance; in sharp contrast, 7 in 10 African-Americans strongly agree.
Nearly half of uninsured and a full third of insured middle market African-Americans say they are likely to buy life insurance in the next 12 months, which is much higher than the total middle market. LIMRA’s research reveals that only 29 percent of uninsured middle market consumers are likely to buy in the next year. And only a quarter of middle market consumers with life insurance intend to buy additional coverage.