We found this very interetsing given that so many financial services are sold through direct marketing. It appears that there is a real opportunity here.
Survey: Minorities Snubbed by Life Insurers
June 15, 2005
Blacks and Hispanics are being ignored by life insurers, a new survey says, even though both minority groups consider life insurance an "essential" financial product.
Only 32 percent of blacks and 40 percent of Hispanics said they own a life insurance policy - notably below the national average of 47 percent, according to the polling company inc. - a Washington D.C. market research firm. Yet 92 percent of blacks and 82 percent of Hispanics believe life insurance is essential, the survey found, compared with 72 percent of whites.
"You're talking about a population that says life insurance is essential and they can't get it," said Kellyanne Conway, president of the polling company. "If I were a life insurance broker I'd be dialing my cell phone with one hand and knocking on doors with the other to reach out to these minority populations."
The survey also found that families with lower incomes placed a correspondingly higher priority on obtaining life insurance.
The National Association of Insurance Commissioners is considering the creation of special sales licenses that would allow agents to exclusively sell term-life policies in certain underserved markets.
Source: (C) 2005 Boston Herald. via ProQuest Information and Learning Company; All Rights Reserved