A new market study finds that price ranks as the most important element for Hispanic consumers when choosing life insurance, but Hispanics as a whole have inaccurate ideas about the cost.
According to 42 percent of the study's respondents, understanding the price of life insurance was the most important information when deciding whether or not to purchase it. But when asked what they expected to pay for $100,000 in coverage, the average response was $30 per month. In fact, the average cost is less than $18 per month.
"Perhaps as a result of the inaccurate perception of cost, 33 percent of Hispanic middle-market consumers feel that life insurance is too expensive to be able to afford," the study states. "This perception is more pronounced for the Spanish-speaking group in which 46 percent think life insurance is too expensive compared to 25 percent of English-speakers."
The study was sponsored by Genworth Financial, an insurance holding company. LIMRA International conducted the research.
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