What Motivates Hispanic Americans to Buy Life Insurance

Over half of Hispanic Americans say they have an unmet life insurance need, representing 22 million adults.¹ And yet, while most would agree life insurance is essential, 75% of Hispanic Americans overestimate the cost, preventing them from putting a plan in place.¹
 
According to a 2022 Insurance Barometer Supplementary Report, Hispanic Americans are more concerned about leaving dependents in a difficult situation should they pass away prematurely than the general population.¹ Supporting and protecting family is important to Hispanic Americans. As a family-focused brand with products designed to be budget-friendly, Gerber Life can be a great fit for this under-served market. 

When asked how long it would take for household members to feel the financial impact if a primary wager earner were to die, Hispanic Americans say…
48% within six months¹
28% within one month¹

The more you know about your prospective clients, the better chance you may have of helping them obtain the financial security they need. 

FACT: Only 40% of Hispanic Americans with dependents feel financially secure; 18% lower than the general population.¹
TIP: Promote life insurance as a way to seek financial security.
 
FACT: Fewer than 1 in 10 Hispanic Americans are seeking agents who speak Spanish or share their background.²
TIP: Don’t hesitate to pursue this large under-served market through referrals and other sources, as Hispanic Americans value experience and recommendations from family and friends and may not see language or culture as an agent requirement. 

Learn more about the Hispanic American market
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