A 2010 study conducted by the Centers for Disease Control and Prevention found that U.S. Hispanics outlive U.S. Caucasians by more than two years on average, and more than seven years compared to African Americans. The life expectancy of a Hispanic born in 2006 is about 80 years and seven months.
This research might lead members of the Hispanic population to believe they do not need life insurance, as they will live long enough to save enough money to help their families. In a different study from the Tomas Rivera Institute, researchers found that less than 60 percent of Americans have life insurance, and only 54 percent of Latinos have life insurance policies, despite most respondents thinking life insurance coverage was important for protecting families.
The Huffington Post reported that despite tough economic times and tightened household budgets, families must invest in life insurance to prevent further economic burden on surviving loved ones in the event of a death. In honor of National Life Insurance Awareness Month, the news source addressed many misconceptions leading the Hispanic population to neglect life insurance coverage.
Many consumers assume a benefits package associated with a full-time job will have life insurance coverage included, the news source reported. But industry experts suggest checking with the employer on the details of the benefits package, as many group life insurance plans do not provide enough coverage for the average family.