Latino businesses are less exposed to and in greater need of insurance

Sep 30, 2011

Companies owned by hispanics are typically not as exposed to information on insurance, study shows.

Although advances in marketing have allowed life insurance firms to reach out more easily to potential clients, some still fall through the cracks. According to Fox News, companies whose offices consist of mostly Hispanic employees are more vulnerable to financial dangers because they're not keen to decisions that can be inspired by advice found online.

These gaps have translated into a lack of attention to long-term economic success, which is particularly important for 89 percent of Hispanic-oriented companies who founded their businesses to support their families and provide a future for their children.

A total of 23 to 28 percent of business owners surveyed by MassMutual said they had too many immediate investments and fiscal concerns to consider retirement, and few had a plan of succession in case they died or wanted to leave the business. One of the planning strategies they may be avoiding is life insurance.

Some of the money that sustains these firms is reported to have come from relatives, implying an even greater inability to run things on their own.

Since Latino-founded organizations are growing at twice the national average, it's imperative that these managers prepare themselves with a life insurance policy in the event of a tragedy.
 

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