Life Insurance Quotes

Study finds racial disparity among life insurance policy holders

08/22/11

A recent study that looked at life insurance policy rates among Americans found that while overall, life insurance policy levels were at their lowest subscription rates in decades, blacks were found to be more likely to have a policy than other ethnic groups, according to the Columbus Republic.

According to the Life Insurance and Market Research Association, though only 59 percent of U.S. adults have life insurance policies, 76 percent of black Americans had some form of life insurance. Researchers theorized that economic hardship made life insurance less of a priority for many American families, and it is interesting that blacks maintained a high level of subscription despite metrics that indicate they suffered more than other ethnic and racial groups as a result of the recession.

Black Americans, who life insurance companies had taken advantage of in the past, value the coverage for a number of reasons.

"In the past, the emphasis was on burial," said Grace Robinson, a Pittsburgh insurance agent who's black. "But now the focus should also be on wealth building and creating an estate for our children as we pass."

Though the rate of life insurance policy holders remains low, the number of people who receive life insurance benefits continues to increase, rising to 56 percent in 2010 from 48 percent in 2004, according to the Insurance Information Institute.

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