While life insurance remains a necessity for most Americans, the industry may reflect a study indicating that African-American families see the most value in a policy.
African-Americans are 14 percent more likely to carry a policy in the United States than Caucasian citizens and 22 percent more so than Hispanics, according to the study, which was conducted by the non-profit Life Foundation and LIMRA International.
"Our data shows in spite of the wealth gap - and maybe because of it - African-Americans have a much more positive view of life insurance than whites do," Robert Kerzner, president and CEO of LIMRA, said to The Republic.
Following the economic recession, those families "fared the worst" in comparison to other ethnic groups. They may therefore have a more difficult time managing their day-to-day expenditures while tending to their existing assets.
Though they may have trouble juggling both life insurance rates and outside finances, their top priority is making sure others aren't burdened with post-death expenses.
Life insurance companies have historically considered race in the shape of their prices, meaning some groups had an even tougher time sustaining plans. Today's federal laws protect these groups to make sure no one is exempt from the coverage they need, especially in tough economic climates that may favor some over others.