But these facts or the growing population of Hispanics in the U.S. is not everything that makes them the most lucrative market for finance and insurance products. According to Nilufer Ahmed, one of the senior research directors at LIMRA Insurance Research, financial advisors capable of speaking Spanish have a better chance to gain an edge in the market that seems to be just tailor made for the life insurance industry. But apart from that, they will also be required to know in detail about multifamily households in which money is often sent back to the country for supporting an extended family.
According to Nilufer Ahmed, who recently published a report on financial protection for Hispanics in America, insurance professionals looking for a foothold in the market need to identify the prospective clients, and they should also know the proper way of asking related questions. There is another reason that makes Hispanics better customers of insurance policies. Compared to the rest of the population, they are more concerned about their earning ability and the concern about dying before time, without enough financial protection is also pretty high among them.
The Hispanic market is quite different in another aspect and that is their preference for buying life insurance the old way. That is through direct sales with face to face dealings with an insurance officer or a financial advisor. Hispanic life insurance customers also seem to carry their traditional belief that life insurance is a kind of luxury that can only be afforded by the rich, though the situation is completely different in America. Nilufer also maintained the view that financial advisors will do better to keep things simple and insurance products with simple terms and conditions also stand a better of being sold.
Hispanics are living in America for a very long time and naturally many of them are also familiar with American finance and insurance industry and that makes them receptive to more complex insurance products too.
