Affordable Financial Security

As Hispanic Heritage Month approaches, we feel it is important to ensure that Hispanics understand and use financial tools that can help protect their families’ wealth.

The most important part of that investment is life insurance. And here’s why: They are often overlooked. Most people don’t think—or think—about the death or absence of their loved ones.

But that he does happens: 12-year-old Miranda Rivera saw her family torn apart, including financially, when her adoptive father died. (You can see his story here). He was one of the recipients of the Life Lessons Scholarship, and he sums up why getting life insurance is so important.

Life insurance may not pay back parents, but it can make the process easier for those left behind.

And here’s why it’s important to have an open discussion: Hispanics have the lowest life insurance rates of any race or ethnicity. Six out of 10 people have no knowledge at all, according to a new report, “African Americans: Life Insurance Ownership and Attitudes,” a supplement to the 2022 Insurance Barometer Study by Life Happens and. LIMRA. But the silver lining is that 51% know they need life insurance, including 40% without coverage at all and 11% who have some but know they need more.

Affordable Financial Security

The additional good news is that one of the barriers to home ownership is that many people, including Hispanics, think that life insurance is too expensive. So why is that good news? Because 75% of people calculate the true cost of life insurance. As a general guide, a healthy 30-year-old can get a 20-year life insurance policy with a $250,000 premium for about $13 a month.

Return to financial security: Life insurance appears to be the most important asset, according to the overall Barometer Learn it. Two-thirds of people who have life insurance say they feel financially secure, compared to less than half of those who don’t. Those who feel the most secure have life insurance through both the policy and the personal policy they have (78%). This is important for Spaniards to think about, because only 40% say they feel financially secure—and 18 points less than any other number.

Of course, financial security is a complicated matter, but life insurance also covers the most important thing: investment return. What happens if the breadwinner dies? For Hispanics, more than a quarter (28%) said they will experience financial pain in a month or less, and nearly half said it will be within six months (48%). That’s what life insurance is for – to cover lost income and ensure a family’s financial well-being.

Finding the Future—and the American Dream

Parents want a better and better future for their children. For example, consider Roberto Loera. She moved to the US from Mexico to pursue the American Dream and make sure her children do well and go to college.

He volunteered to get life insurance before his family met him in Colorado for less than $20 a month. He tragically died of a brain tumor at the age of 47, but his wife and two sons were financially stable, and plans to attend college remained strong. Roberto made a plan for his family not only to survive, but to thrive. (You can view his article in English or Spanish.)

Getting started on the life insurance journey is easy. You can learn more about the basics in English or Spanish. Then, you can use our online Life Insurance Needs Calculator, which is also available in English or Spanish. When you’re ready, talk to an insurance professional who can help you choose what fits your needs and budget. If you don’t have one, you can use this Locator.