Latinos need more life insurance

Oct 06, 2011

Many Hispanic people believe they should have life insurance, but fewer than average do.

While many Latinos in America seem to believe life insurance is an important thing to have, very few say they have it. According to an ING survey, nearly 90 percent of Latinos believe that life insurance is important to have. But while it may be important, only 39 percent said they have it, while about 55 percent of the general population has some form of life insurance.

Michelle Herrera Mulligan wrote an article on Fox News Latino about what needs to be known by Latinos about life insurance.

Mulligan said many people don't especially need life insurance, such as those who don't have kids or someone they support. The story is generally different for families, she says, especially those that rely on a single primary income earner.

"Let’s say a family of four relies on one $60,000 income to cover all of their expenses," Mulligan writes. " If the breadwinner dies at 40, over the next 50 years, the family has lost over $2 million."

She said many companies don't provide life insurance, and stay-at-home parents don't have that option. However, she said if prospective insurance buyers do sufficient comparison shopping, they may be able to attain coverage for a reasonable price.

Fabian Gonzalez, a life insurance salesman, said on Latino Leaders' website that life insurance is an education process and people should realize how much it can help them in the long run.

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