A 5-step plan to help ensure your members have access to critical coverage
Your membership is increasingly likely to be multiracial—and in need of life insurance
The American population is becoming increasingly multiracial.
According to the 2020 Census, the White population decreased by 8.6% between 2010 and 2020. And the Multiracial population—those citing more than one race— jumped significantly, from 9 million in 2010 to 33.8 million in 2020, an increase of 276%. Credit unions are seeing strong growth among Multiracial consumers—in fact 61% of new member growth was nonwhite and includes this demographic.
As your credit union works to deliver the products and services Multiracial members need, life insurance is a critical offering on which to focus. Recent data show American consumers value life insurance—70% say they need it—but 40% of Americans (102 million adult consumers) say they have less life insurance than they know they need. And given the diversity in our country, it’s logical to assume many of these are Multiracial consumers.
continue reading »