LIMRA reports surprising race disparities on consumers’ life insurance goals

Although normally you can put a finger on the underlying issues leading to certain types of racial/ethnic disparities — the ones for medical disparities are well documented, for example — I admit that new survey results from LIMRA regarding racial disparities in consumers’ emphasis on the importance of life insurance have me stumped.

According to LIMRA, African Americans place greater emphasis on the goal of having adequate life insurance and are twice as likely to consider purchasing life insurance for themselves or for someone else in the household compared to the total U.S. population.

Although the report indicates that the financial goals of African Americans and the general population are the same — having enough money for a comfortable retirement; having adequate health insurance; and paying off debts such as student loans, credit card debt and mortgage — African Americans place more importance on having life insurance and having a plan to replace income if unable to work than the general population. 

Any ideas as to why this might be the case? And how can employers use this information to better promote life insurance among all racial groups? Let’s keep it politically correct, but please share your guesses in the comments.