U.S. Treasurer Helps Open Dialogue Among Leading Organizations to Change Attitudes and Help Protect the Financial Future of U.S. Hispanics
RICHMOND, Va., March 31 /PRNewswire/ -- A new study unveils unique
insights on the Hispanic community's needs, attitudes and perceptions about
financial planning and term life insurance. Genworth Financial, Inc.
(NYSE: GNW) recently presented the results of the comprehensive "Hispanic Term
Life Insurance Market Study," conducted by LIMRA International, at the
National Press Club in Washington DC.
Following are the research study's most compelling findings:
- English-speaking Hispanics are more likely to own individual life
insurance than Spanish speakers (67% versus 25%) and are more open to
alternative channels for learning about life insurance.
- According to 42% of the respondents, understanding the price of life
insurance is the most important piece of information Hispanic consumers need
to help them decide on what to purchase.
- Many Hispanic consumers think life insurance is an unaffordable luxury
reserved for the rich and would be surprised to learn just how affordable term
life insurance can be. Of those surveyed, many believed term life insurance,
depending on a person's age and health, costs two, three or four times more
than it really did.
- Face-to-face interaction is the preferred method for learning about life
insurance. About half of the respondents indicated interest in learning
through seminars. English speakers are open to a variety of locales including
their workplace and hotels, while Spanish speakers show a preference for their
local churches. However, very few Hispanics report ever being approached by a
life insurance agent.
In order to bridge the gap in financial education and protection among the
community, Genworth Financial invited leading government, business, media and
insurance organizations to participate in a panel discussion and open the
dialogue about their roles in protecting the financial future and dreams of
Hispanics in the U.S.
Members of the panel included Thomas Oliver, executive director & CEO of
the National Association of Hispanic Publications (NAHP); Michael L. Barrera,
president and CEO of the U.S. Hispanic Chamber of Commerce (USHCC); Joseph M.
Normandy, executive director of the National Association of Independent Life
Brokerage Agencies (NAILBA); and Javier Ismodes, vice president of emerging
markets for Genworth Financial. U.S. Treasurer Anna Escobedo Cabral delivered
the keynote speech about the importance of financial literacy within minority
communities. (To view a transcript of Treasurer Cabral's keynote speech
please visit http://www.ustreas.gov/press/releases/js4125.htm .)
"Our study reaffirms the need for institutions and organizations to take
an active role in providing financial education for the Hispanic community to
change the attitudes and perceptions of Hispanics towards the benefits of
financial protection," said Javier Ismodes, vice president of emerging markets
for Genworth Financial. "At Genworth we are committed to serving the needs of
the Hispanic community and financial education is at the forefront in our
mission of empowering Hispanics in the U.S."
To gain the support of the media in empowering and educating the Hispanic
community about the needs and benefits of financial protection, Mr. Ismodes
addressed the nation's top Hispanic print media at the 21st annual Convention
& Exposition of the National Association of Hispanic Publications (NAHP) on
March 31st in Las Vegas.
"It is important to communicate financial literacy issues to the Hispanic
community in a way that is sensitive to their linguistic and cultural
nuances," said Thomas Oliver, executive director & CEO of the NAHP. "The
media must come together and put our best work forward to educate the
community about financial protection through objective and reliable
information."
According to LIMRA, the intention to buy life insurance is guided by a
consumer's awareness and perception of the product. Among the key barriers
cited in the study by Spanish speakers for not having life insurance are
strong cultural perceptions associated with financial products and
institutions from their countries of origin, the lack of information about
these products and an overall lack of understanding the options available for
protecting their financial security.
"The study reveals a gap between the amount of insurance U.S. Hispanic
households own and the amount they feel they need for adequate financial
protection," said Pete Jacques, Ph.D., director of custom research for LIMRA
International. "Corporations, organizations and the life insurance industry
have a clear obligation and opportunity to fill this unmet need, and with this
study they will have a proper understanding of the cultural values and
perceptions to successfully provide solutions to the Hispanic market."
Additional key research findings from the "Hispanic Term Life Insurance
Market Study" include:
- Men are slightly more likely than women to believe that nothing tragic
will happen to their family; 61% of men and 48% of women agree with that
statement.
- 64% of younger respondents (ages 25-34) carry a stronger recognition of
the need for life insurance than older respondents.
- Spanish-speaking respondents show a stronger sense of family care and
protection. 86% of the Spanish-speakers expect to take care of their parents
financially when they are older compared to 60% of English speakers.
To download a complete copy of the "Hispanic Term Life Insurance Market
Study," please visit http://www.genworth.com .
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading insurance holding
company, serving the lifestyle protection, retirement income, investment and
mortgage insurance needs of more than 15 million customers, and has operations
in 24 countries, including the U.S., Canada, Australia, the U.K. and more than
a dozen other European countries. For more information, visit
http://www.genworth.com .
About LIMRA International
LIMRA International is a worldwide research, consulting, and performance
improvement organization that helps more than 800 insurance and financial
services companies in 60 countries increase their marketing and distribution
effectiveness. For more information, visit http://www.limra.com .
SOURCE Genworth Financial, Inc.
CONTACT: Bertha Diaz, Conexion Public Relations,
+1-305-913-2319, or
bertha@prconexion.com,
for Genworth Financial, or
Thomas R. Topinka, Genworth
Financial,
+1-804-662-2444, or
thomas.topinka@genworth.com
