Black Americans More Likely To Buy Life Insurance Than General Population

According to the article, they are already buying it in greater %s vs. other ethnicities. So there is something missing.... perhaps they are underinsured compared to other people who buy life insurance? That would be my guess from experience.

In my experience, Im twice as likely to sell a life policy to a black person, but its more likely to be a small WL policy. White people prefer a large Term policy. (generalizing there of course, based on 10+ years in the life biz)

Of course few of those Term policies ever pay out. So life insurance is not the reason for the wealth gap. But it certainly could help to bridge it, as DHK suggested.


That is what I've noticed as well.. mostly sell small FE policies

I also replace quite a few YRT from Primerica..and most of those policy holders didnt understand how the YRT works
 
That is what I've noticed as well.. mostly sell small FE policies

I also replace quite a few YRT from Primerica..and most of those policy holders didnt understand how the YRT works

I wonder if the author considered the reasons for buying insurance. As a general rule the black community and the white community have different attitudes toward death. Black folk are much more likely to be concerned that they receive a "proper send off" upon their passing. One little insignificant thing that I have observed that illustrates this is I have never been to a white funeral n this area in the last 20 years where the family used the funeral homes family car limousine. On the other hand, every black funeral I have attended the family car was utilized.
 
A black minister told me that he deals with a constant struggle to put people in the ground as he called it. Most of his parishioners do not have life insurance. I did get insurance quotes to many of them and sold a few but they were all small policies.

On the other hand white people in the same income living in the same area tell me all the time things like F* it the welfare will pay for my burial, Department Social Services will pay, the state will pay, everybody else but them will pay.
 
Yep - they sure will. Social security will pay out $255.

https://www.ssa.gov/pubs/EN-05-10008.pdf

Will that be enough? Then what will your family do? Is that what you want to have happen? If I could help you to get the life insurance you need to protect your family without spending any more money out of your pocket... would that be worth sitting down and talking about?
 
I wonder if the author considered the reasons for buying insurance. As a general rule the black community and the white community have different attitudes toward death. Black folk are much more likely to be concerned that they receive a "proper send off" upon their passing. One little insignificant thing that I have observed that illustrates this is I have never been to a white funeral n this area in the last 20 years where the family used the funeral homes family car limousine. On the other hand, every black funeral I have attended the family car was utilized.

There is much to unpack in that statement. I think I could create a whole days training program on just the above. The phrase "attitude is everything" sets right here. On the one hand you deal with the buyer that doesn't want to be the financial burden and the other is being put away just the way they want to. Both have a selfish core to them.

An experienced agent needs to know which one it is and then play that side of the conversation. That is done by proper questions and active listening. Skills that often lack in new agents. That's why you should have a pen in hand and a pad of paper (I still do this every time). Clients aren't dumb they just need to be reminded of their own ideas and reasons for buying.
 
Yep - they sure will. Social security will pay out $255.

https://www.ssa.gov/pubs/EN-05-10008.pdf

Will that be enough? Then what will your family do? Is that what you want to have happen? If I could help you to get the life insurance you need to protect your family without spending any more money out of your pocket... would that be worth sitting down and talking about?
There are exceptions, but that $255 is for a surviving spouse if they've been living together. No surviving spouse...no $255(with a few exceptions). :nah:
 
There is much to unpack in that statement. I think I could create a whole days training program on just the above. The phrase "attitude is everything" sets right here. On the one hand you deal with the buyer that doesn't want to be the financial burden and the other is being put away just the way they want to. Both have a selfish core to them.

An experienced agent needs to know which one it is and then play that side of the conversation. That is done by proper questions and active listening. Skills that often lack in new agents. That's why you should have a pen in hand and a pad of paper (I still do this every time). Clients aren't dumb they just need to be reminded of their own ideas and reasons for buying.

That.

Two ears, one mouth.

I refer to my notes all of the time. Of course it is very normal for me to write multiple policies off of a household. Sometimes I need to refresh my memory of who the person that referrred me is. Not name, but who they are.
 
There is much to unpack in that statement. I think I could create a whole days training program on just the above. The phrase "attitude is everything" sets right here. On the one hand you deal with the buyer that doesn't want to be the financial burden and the other is being put away just the way they want to. Both have a selfish core to them.

An experienced agent needs to know which one it is and then play that side of the conversation. That is done by proper questions and active listening. Skills that often lack in new agents. That's why you should have a pen in hand and a pad of paper (I still do this every time). Clients aren't dumb they just need to be reminded of their own ideas and reasons for buying.
I was trained to high pressure close...throw enough sh!t against the wall and a certain amount will stick.

When I stopped the high pressure and began to talk less and listen more, I started selling more and my kickbacks almost disappeared. :yes:
 
Now that I decided to become Black I'm selling much more life insurance. I'm contemplating becoming a Black woman.

I'd become Native American but we already have a white woman in DC who claimed that.

Rick
 
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