African American Life Insurance Statistics
The study to be released march 2017 examines data on u s.
African american life insurance statistics - In contrast our analysis finds that african americans hold significantly more life insurance than whites after accounting for other confounding factors such as income and education. Low insurance uptake in africa can be attributed to the low income levels. There s a close knit relationship between the black community and life insurance companies with at least 60 of middle market african americans those 25 to 64 making 35 000 to 100 000 per.
The progress for the life insurance industry as a whole. Life insurance ownership which was conducted in early 2016. The existing academic literature has found large disparities with white households holding significantly more life insurance than african american households.
Life insurance ownership study conducted in early 2016 is based on a sub sample of 456 black american households from the original sample of 4 197 households. Life insurance ownership levels buying patterns and attitudes of the black american market. That history of trust may be one reason the rate of life insurance ownership is higher among african americans than for the general population says braxton ceo of financial fountains a fee only.
Within any industry data helps us to understand the big picture. In 2015 south africa dominated the non life insurance industry in africa while morocco was responsible for 23 percent. The growth of well known life insurance companies as well as new entrants.
The death rate for african americans is generally higher than whites for heart diseases stroke cancer asthma influenza and pneumonia diabetes hiv aids and homicide. The consumers who are or aren t purchasing life insurance products. 27 of american adults with life insurance the percent who only have group coverage which usually isn t enough and is rarely portable.
The status of advisors and agents who have made this industry their career. 10x to 15x the multiples of your annual income that most financial advisors recommend you need when buying life insurance for income replacement. African american stats include education statistics health statistics internet usage demographics and other trends and data related to african americans.
For non hispanic whites the projected life expectancies are 79 8 years with 82 0 years for women and 77 5 years for men. 54 percent of american adults who have life insurance.
