According to a 2022 report by LIMRA, black Americans are the most likely group to own life insurance, with 56% of black Americans owning life insurance.
Wondering what the other stats are for life insurance for African Americans?
This article will cover the most up-to-date statistics for 2023.
Table Of Contents
- African American Life Insurance Key Stats
- Reasons For Buying Life Insurance
- African American Life Insurance Over Time
- Life Insurance Coverage Gap
African American Life Insurance Key Stats
- 68% of African American life insurance owners plan to use it to pay for their child’s college. (NewYorkLife)
- Black life insurance owners have one-third the amount of coverage that white life insurance owners have. (Haven)
- 80% of African Americans report life insurance as a goal for them and their family. (InsuranceNewsNet)
Reasons For Buying Life Insurance
- 83% of black life insurance owners reported it as a key way to take care of their families. (NewYorkLife)
- 22% of African Americans report “building intergenerational wealth” as a reason to buy life insurance, compared to only 8% of whites. (Haven)
- 37% of black life insurance owners intend to leave a legacy with their life insurance. (NewYorkLife)
- 37% of African Americans report getting life insurance to protect loved ones from unpaid debts, compared to 64% of whites. (PRNewswire)
- 28% of black life insurance owners use life insurance to transfer wealth. (NewYorkLife)
African American Life Insurance Over Time
- The percentage of blacks purchasing life insurance has fallen over time but was boosted by the pandemic.
- The COVID-19 pandemic has increased life insurance ownership from 53% in 2020 to 56% in 2021. (LIMRA)
- Black life insurance ownership fell from 71.8% in 1989 to 61.2% in 2013. (ChicagoFed)
African American Life Insurance Coverage Gap
- 46% of African Americans say they need more life insurance, showing a major coverage gap of 20 million people. (LIMRA)
- 75% of African Americans overestimate the cost of life insurance. (LIMRA)
- 30% of black Americans are looking for a financial advisor to talk about insurance, much higher than the national average. (LIMRA)
That’s it for our African American life insurance statistics.
We hope these statistics were useful to you.
If you have any questions or want to leave a comment please do!