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Final Expense Insurance Popular With Black Consumers: Survey

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What You Need to Know

  • LIMRA and Life Happens gathered the data when they conducted the 2021 Insurance Barometer survey.
  • 56% of the Black Americans surveyed said they had life insurance.
  • 46% said they needed more coverage.

Black American consumers have a strong interest in burial insurance and other forms of final expense insurance, according to LIMRA.

LIMRA talked about the Black American life insurance market Tuesday, in a new release of data from the 2021 Insurance Barometer survey. LIMRA sponsored the online survey together with Life Happens.

The survey sample included a total of 3,007 U.S. adults, including 346 Black U.S. adults.

Here are some results for the full sample:

  • Own Life Insurance: 52%
  • Plan to Buy New Life Insurance or Additional Coverage Within the Next Year: 36%
  • Looking to Hire a Life Insurance Agent or Other Financial Professional: 25%

Here are the comparable results for the Black American survey participants:

  • Own Life Insurance: 56%
  • Plan to Buy New Life Insurance or Additional Coverage Within the Next Year: About 60%
  • Looking to Hire a Life Insurance Agent or Other Financial Professional: 30%

About 46% of the Black American survey participants said they needed more life insurance than they had.

LIMRA also found that 66% of the Black American participants said paying funeral bills and other final expenses is the primary reason to own life insurance. Only about 48% of all survey participants shared that view.

The results may be a sign that life insurers and financial professionals need to do more to tell Black American consumers about the role life insurance can play in protecting a family against loss of income, according to LIMRA.

(Image: Adobe Stock)