Minorities may see other challenges involving life insurance

Nov 15, 2010

Even if talking about life insurance seems like a scary prospect, having children is a reason to do so.

Certain racial or socioeconomic groups may be less likely to purchase life insurance, even though it may be something they need to protect the financial future of their families.

In a recent report from National Public Radio, personal finance expert Louis Barajas noted certain myths may be held in minority communities regarding life insurance. For example, some people may be afraid that talking about planning for death may actually bring it about.

"And the problem is that if we have young children, again, young families that we have to take care of them, it's important that we think about life insurance," Barajas told the news provider.

Another issue that may face minority groups is they may be more prone to certain medical conditions that make it more difficult for them to obtain life insurance. If that's the case, Barajas said applying online for policies with a number of companies may show what a provider is willing to offer, if anything at all.

A recent report from the government showed that the Hispanic population has a longer life expectancy than both whites and African-Americans.

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