Wednesday, September 11, 2013

More Research on the Hispanic Market

On the heels of last month's post about the Hispanic life insurance market, there is this new research from LIMRA suggesting more of the same.  In their new "Financial Protection for Hispanics" survey, the research organization found that the growing Hispanic population has a growing need for life insurance.

Interestingly, one tip offered by LIMRA to "smart advisors" is to take into account the bilingual needs of many families.  Diversity among financial professionals is something CFS has long advocated.  On this point, our research suggests regulators need to do a better job of ensuring that licensing requirements do not screen diversity out of the financial industry.

Related to this LIMRA survey, for example, is research from Texas showing extremely high licensing failure rates among agents who would serve Spanish speaking families in the state.   Of the 130 agents who took the Spanish version of the Life agent exam in 2012, just 21 passed the first time.

While there a host of reasons someone passes or fails a licensing exam, such high failure rates in Texas suggest the exam is due for a review.  The LIMRA survey suggests families need it ASAP.