There’s a person behind that policy

In the last year or so, we’ve shared several articles that included some version of this stat: Nearly half of all adult Americans don’t carry life insurance.¹ The belief that life insurance is prohibitively expensive is a barrier for many—research shows more than half the population thinks term life insurance is over three times as expensive as it actually is.¹ But cost isn’t the only reason members don’t have coverage.

Cultural factors can impact life insurance purchases

There are some interesting differences between ethnic groups.

Some members of the Hispanic community—especially immigrants and older Hispanics—believe buying life insurance is tempting fate. But here’s something interesting: Internal CUNA Mutual Group research found that once Hispanic consumers have life insurance, they’re less likely to let it lapse than other consumers—even in the face of job loss or wage reduction.² This indicates that once this demographic understands the benefits of life insurance, they prioritize the coverage.

 

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