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Posted on: December 10th, 2007
Filed Under: [ Business ] [ Hispanic News ] [ Press Releases ] [ Blogante Business ]
Tags: family, insurance, parents, radio, Spanish-language, television, Ugly Betty
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Although the majority of Hispanics recognize the importance of life insurance, they are much less likely than non-Hispanics to have life insurance.¹ In response, Allstate, the nation’s largest publicly held personal lines insurer, is making a commitment to educating and motivating Hispanics about life insurance.
A new campaign features Tony Plana, the co-star of the ABC comedy “Ugly Betty” talking about his personal experiences and the need for every Hispanic adult to protect his or her family from a financial disaster.
“I understand the reasons and risks of not having life insurance,” said Plana. “I have known a number of individuals who died suddenly and left their families financially devastated simply because they did not have life insurance. My own parents have never had life insurance. This is why I am partnering with Allstate to strongly urge Latinos to learn more about life insurance so they can provide their families with the protection they need.”
Nearly two out of three Hispanic males aged 18 to 24 are without life insurance. Less than half of Hispanic women aged 18 to 24 have life insurance. Only one in three married couples have life insurance for both spouses (2).
The reasons most commonly cited by Hispanics for not having life insurance are: “I don’t need it;”, “I don’t understand it;” and “I can’t afford it.”(3)
“Life insurance is a necessity and can be very affordable,” says Lisa Cochrane, Allstate Vice President of Integrated Marketing. “For example, a 35-year old woman who does not smoke, is healthy and has a good family history may be able to purchase a 10-year term life insurance policy with a $500,000 death benefit from Allstate for less than $15 per month.”*
Another major type of life insurance, called permanent life insurance, provides coverage for as long as the policyholder is alive. On average, among Hispanics, women live 84 years and men 77 years. This compares to 80 years for women and 75 years for men among Americans of all backgrounds.*
“Like many adults and parents, I have not always had life insurance,” added Plana. “If something had happened to me, my family would have been left with a funeral bill and other debts they couldn’t afford. I realize now, however, that as a head of a household I am responsible for protecting my family every way possible. I hope other Latinos feel as strongly and do what I have done.”
In the coming weeks, Plana can be seen and heard on Spanish-language television and radio urging Hispanic adults and parents to talk to an Allstate Personal Financial Representative about the benefits and affordability of life insurance. “*
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