There are a lot of life insurance considerations to take into account when making a decision about what type of policy to purchase. Your background and lifestyle can have a big impact on the type of coverage that is best for you. In this blog post, we will outline some of the key life insurance considerations for different backgrounds. We will also provide an overview of the different types of life insurance policies available, so that you can make an informed decision about which one is right for you!
Why Asian Americans Buy Life Insurance?
According to the 2022 Insurance Barometer Study, 45% of Asian Americans say that they need life insurance. Among their reasons for having insurance was a need to replace lost wages in the event that a family earner passes.
Relatedly, 39% of Asian American respondents reported job security and maintaining a steady income as one of their top five financial concerns. Interestingly, no other study segment included this concern in their top five. However, according to the study, “The top financial concern of all race and ethnic segments is to have enough money to retire comfortably.”
Roy Studley, founder and CEO of My United Insurance, says his Southern Florida , UII clientele are very interested in retirement planning and passing down generational wealth. Roy educates his clientele on how they can create generational wealth with not just savings and real estate, but also with life insurance.
The Importance of Representation and Education in the AAPI Community
When using life insurance products for creating retirement and generational wealth, Roy says both education and representation are important for the UII community. Whole life, universal life and other permanent products are more complicated than term life insurance. For this reason, it is even more important to have someone who can explain life insurance options in your own language and by people who represent and understand your heritage and community.
Why Do Pacific Islanders Buy Insurance?
A study from the University of Hawaii at Manoa showed that Pacific Islanders are three times more likely to be uninsured than Whites, Asians, and African Americans. Reasons for this include: lack of employer-sponsored insurance, high costs associated with private insurance, language barriers, and cultural issues.
When it comes to life insurance considerations for different backgrounds, it is clear that each community has different needs and concerns. It is important to work with an insurance agent who understands your background and can help you find the right policy for your needs. If you are an Asian American or Pacific Islander, Roy Studley and My United Insurance can help you find the right life insurance policy for you!
Universal Life is a Top Choice
African Americans have different life insurance considerations than other groups. A study from the University of Pennsylvania found that African Americans are more likely to purchase whole life insurance than any other group. However, when it comes to choosing a life insurance policy, young African Americans are more likely to choose universal life than any other type of policy.
There are a number of reasons why African Americans might choose universal life over other types of policies. Universal life offers more flexibility than whole life, which can be important for someone who is just starting out in their career. Universal life also has the potential to build cash value, which can be used as a retirement savings account or to cover unexpected expenses.
When it comes to choosing a life insurance policy, it is important to work with an agent who understands your needs and can help you find the right policy for your unique situation. Roy Studley and United Insurance can help you find the right life insurance policy for your needs!
Choosing the Right Policy for You
No matter what your background, it is important to work with an insurance agent who understands your needs and can help you find the right life insurance policy for you. Roy Studley at United Insurance can help you find the right life insurance policy for your needs! Contact us today to learn more about our services or get a free quote.
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