Hispanics prefer to buy life insurance from a company they know

By Nilufer Ahmed

Recent LIMRA research shows that 8 out of 10 Hispanics said buying life insurance from a company they recognize is very/extremely important.

The report, "Connecting with Hispanics," makes recommendations for companies that want to be successful with this demographic, including the following tips.

Increase brand recognition — If your company is not known, Hispanics will not consider doing business with you. Companies can emphasize characteristics like stability and longevity. Seven in 10 Hispanics say a national presence is very/extremely important.

Educate staff about the long sales cycle — Hispanics may need more information and want to know the financial professional before they conduct any business. Why is it worth the wait? Well, 6 in 10 Hispanics consider companies recommended by relatives and friends.

Speak the language — Companies should consider developing bilingual messaging and information in their outreach strategies. Bilingual financial professionals should take time to educate potential clients, provide superior service and be visible in the local community. Inside the company: actuarial, underwriting, call center, customer service departments, etc. should have bilingual employees with knowledge about the cultures of countries-of-origin of Hispanics.

The best news for advisors: Among both the less acculturated and more acculturated Hispanics, nearly 40 percent strongly/very strongly agree with the statement, “I prefer to have a financial professional advise me.” Only 15 percent of the general population feels the same way.