Did you know that almost a third of Black Americans say they are currently looking for a financial professional to help them?
That is the finding highlighted in a new special report, Black Americans: Life Insurance Ownership and Attitudes, which came from the results of the 2021 Insurance Barometer Study that Life Happens conducts each year in conjunction with LIMRA.
In addition, COVID-19 has raised awareness about the need for life insurance, but the need is heightened in the Black community: 38% say the pandemic has been a wake-up call for them about the need for life insurance. For the general population, that number is just 31%.
Plus: 75% of Black Americans say they needed life insurance, but ownership sits at just 56%. And of those who do have life insurance already, 14% said they need more.
That means the Black community is ready for your advice and expertise to help them get the life insurance coverage they know they need.
OK, great, but what next?
Well, Life Happens has worked closely with its Diversity Advisory Group over the past year to tailor marketing resources that speak directly to the Black community. They address the myths and misconceptions that may stand in the way of the Black community getting life insurance — or more of it.
For example: A persistent myth is that life insurance equals burial insurance. Around half of Americans (48%) say they have life insurance to cover final expenses, and that number surges to 66% for Black Americans.
The silver lining with that stat is that there is a higher appreciation for life insurance within the Black community, so the education part of the equation — letting them know about the living benefits of a robust life insurance plan — is a great next step. And Life Happens has you covered with new marketing materials, including:
• Five flyers dispelling myths like this one: “Life insurance is only for final expenses.”
• A whole suite of social-media graphics — in sizes made for each social platform — with corresponding suggested captions. These include Life Hints, Myths vs. Facts, and Barometer statistics.
• Real Life Stories videos and flyers with social graphics that put a “face” to how life insurance works.
PLUS: Get this free Marketing Guide that gives a great overview of all the new resources and how you can put them into action. Already a Life Happens Pro subscriber? Just log in to get the Marketing Guide here.
And don’t forget the extensive content we have featuring Life Insurance Awareness Month spokesperson Kelly Rowland! Her message strikes at the heart of many of the myths that keep people from getting the coverage they need or more of it. Check them out here.
We’d love to know what you think of our new resources and if you have suggestions for others that we could create. Send us an email at email@example.com.