The COVID-19 pandemic has reaffirmed the importance of life insurance for Americans nationwide. That’s especially true in the U.S. Hispanic community, which has been disproportionately affected by the coronavirus.
Among U.S. Hispanic consumers, 37% are now more likely to buy life insurance due to COVID-19, compared to just 31% of all consumers.
According to the 2020 Census, Hispanics are the largest minority group in the United States at 62.1 million. Hispanics traditionally have made their homes in California, Texas, and Florida, as well as the Southwest and East Coast urban centers. Their population has also been growing throughout the United States in recent decades.
From coast-to-coast, Americans are currently celebrating National Hispanic Heritage Month, which runs from September 15-October 15.
On September 15, 1821, the nations of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua declared their independence from Spain. This event was first commemorated in the United States in 1968 as part of Hispanic Heritage Week. In 1988 the celebration was expanded to 30 days, and it now recognizes and honors all Hispanic Americans and the numerous contributions they have made and continue to make to our culture.
Hispanic Heritage Month overlaps with Life Insurance Awareness Month in September. The life insurance industry has recognized the importance of the growing Hispanic community and has been looking at ways to better connect with this diverse population. Life insurance companies have hired more Hispanic agents, launched websites and wide-scale advertising in Spanish, and sponsored many Hispanic organizations and community events to increase financial literacy and build awareness of how life insurance products can help protect their family’s financial future.
Life insurance companies believe that all Americans deserve the chance to build financial certainty that will serve them in the good times and protect them in the hard times. Helping people take care of the things that matter most is our most critical mission.
Aaron Hoppenstedt is the Knowledge Management Specialist at the American Council of Life Insurers (ACLI). He is responsible for managing the ACLI library, a collection of current and historical books and journals, ACLI produced materials, and electronic resources. He also assists with insurance industry and legal research for colleagues.
