La Familia: Life Insurance Insights for the Hispanic Community
January 30, 2024
When people think about ways to provide financially for their family if they unexpectedly die, life insurance is usually on the list. This insurance pays out a certain amount of money when the person who takes the policy out passes away. The diversity within the Hispanic community makes it lively and vibrant, but considering only 42% of Hispanic Americans have this insurance, it means there is a lot left to learn about the invaluable benefit of life insurance.
Cultural Considerations and Life Insurance
The Hispanic community in America typically has close-knit bonds and places importance on the strength of the family, or la familia. Staying in touch and caring for one another is a meaningful part of life, and all family members have a say when it comes to decision-making. This includes extended family members, such as grandparents and cousins. Keeping these ideas in mind when searching for life insurance is important.
The most common style of communication between loved ones involves open and direct conversations. This allows for discussions about life insurance to occur without any confusion or hard feelings. Certain cultural nuances may lead to Hispanics approaching this topic differently than other groups, especially since 51% of Hispanic Americans state that they need life insurance or more of it. Whether people feel hesitant about the topic or merely confused about how to obtain a life insurance policy, talking about it can help.
Types of Life Insurance
Term life insurance covers an individual for a set number of years, such as 10 or 20, and then expires, while whole life insurance stays active as long as the policy is paid for and the insured person is alive.
What type of life insurance works best is different for every family. Those expecting to no longer need or want this insurance at some point may lean toward a term life insurance purchase. Whole life insurance can benefit people who feel better with permanent coverage, but it can also cost more.
Financial Priorities Within the Hispanic Community
Homeownership is a big priority in the Hispanic community. As individuals aim to obtain financial stability, life insurance can help them protect any property assets. Life Insurance can help protect the family home because the death benefit that the beneficiaries receive allows them to make long-term financial choices such as staying in their home or putting a down payment on a new house.
Another important aspect is investing in education for younger adults. Life insurance assists with creating a better and brighter tomorrow for those just starting their career, by giving loved ones the funds to go to college or pursue another form of higher education.
Unique Needs and Challenges
A major trend within Hispanic families is multiple generations living under one roof. With a wide range of ages, a Hispanic family's financial needs and responsibilities may look a bit different than other families. This means that life insurance should be unique and tailored to these needs as well.
Making sure reading materials are in Spanish is another need for a part of the Hispanic community. People should consider these language barriers when shopping for insurance.
Empowerment and Life Insurance
With an emphasis on money for house ownership and higher education, life insurance can be an aid for Hispanic individuals who want to care for their families. 1891 wants to help the Hispanic community find the right insurance, and being proactive while searching is important. Contact us today for a free life insurance review.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.