For the longest time, when it came to acquiring life insurance, Latinos were missing in action.
Insurance companies tended not to seek out if altogether ignore Hispanics when it came to promoting their products to them. Not anymore.
With the growth of the Hispanic population in the U.S. and the Latino boom of the 1990's, industry giants like State Farm and Allstate have made it a mission to tap into the community. Venerable companies like New York Life employ well-trained armies of bilingual agents and have made inroads into the Latinos community under the guidance of their impassioned CEO, Ted Mathas.
Still, Latinos remain the group with the least life insurance. According to "Trends in Marketing Insurance to Hispanics," a study conducted by the Center for Hispanic Marketing Communication of Florida's State University, only 34% of Latinos had this type of coverage, compared to 62% of the general populations.
That study was done in 2006, so things may have improved. Still, the study seems to concur with a 2004 investigation done by the Tomas Rivera Institute which concluded that Latinos are some of the least covered by life insurance.
Nevertheless, according to experts, the fact that insurance companies seem now committed to penetrate the Latino market is encouraging. Below are the 15 companies chosen by Latino Leaders which are considered the best at this time for Hispanics.
Headquartered in: Columbus, Georgia
Established in: 1955
Performance, variety of coverage. A Fortune 500 company, Aflac serves more than 50 million people all over the world. It insures the sick, those who have been hurt and prides itself in paying cash benefits "fairly and promptly" to their insured.
Outreach to Latino market: Aflac has been creating a series of Spanish-language commercials solely dedicated to this area. The company stresses the speed in which they make their payments and how they help their clients fast in times of need.
Diversity: Latino publications like Latina Style, has named Aflac as one of the best companies for Latinas to work for. Hispanic Magazine chose Aflac to be among its "100 companies providing the most opportunities to Hispanics."
Headquartered in: Northfield Township, Illinois
Established in: 1931
Performance, variety of coverage. The financial giant started as a part of Sears, insuring drivers. It spun off in 1993. Besides life insurance, the company offers autos, home, renters, boat, landlord, condo and motorcycle insurance.
Outreach to Latino market: It was one of the first life insurance companies to reach the Latino community. In 1999 it included spots in Sabado Gigante and during the last decade it ran the campaign "Asi piensa Allstate."
Diversity: Allstate improved during the 2016 HACR Corporate Inclusion Index report, reaching 75 points. It hires Hispanic agents and from early on it has recognized the importance of the agent as a marketing tool.
Headquartered in: Bloomfield, Connecticut
Established in: 1982
Performance, variety of coverage.--Mainly know in the U.S. as a health insurance provider, it also provides life insurance via employers. Its current campaign, Ve. Informate. Toma...