Supporting Hispanic employees through life insurance awareness and heritage celebration
At Washington National, we recognize that September is more than just the beginning of fall. It’s a time to celebrate and support the vibrant communities that enrich our workplaces and our country. Hispanic Heritage Month (Sept. 15–Oct. 15) honors the history, culture and contributions of Hispanic and Latinx Americans. At the same time, Life Insurance Awareness Month brings attention to the critical role life insurance plays in protecting families and securing financial futures.
As an employer, this moment presents a meaningful opportunity to support your Hispanic employees, not just through cultural celebration, but by helping close the life insurance coverage gap that continues to impact Hispanic communities.
Understanding the coverage gap
According to the 2024 Insurance Barometer Study by Life Happens and LIMRA, only 43% of Hispanic Americans report owning life insurance—the lowest of any racial or ethnic group over the last decade.
As an employer, you’re in a unique position to change this. By raising awareness, offering guidance, and providing access to affordable life insurance options, you can make a lasting difference in the lives of your Hispanic employees and their families.
Here are five ways you can help bridge the gap:
1. Highlight income replacement as a key benefit
Many Hispanic employees may underestimate the full value of life insurance, viewing it primarily as a way to cover final expenses. In fact, over a quarter of Hispanic individuals hold this limited view, potentially overlooking the critical role life insurance plays in replacing lost income.
For many families, life insurance isn’t just a safety net; it’s a financial lifeline. Forty-six percent of Hispanic respondents said their household would face financial hardship within six months if the primary wage earner passed away.
As an employer, you have the opportunity to bridge this knowledge gap. By helping employees understand that life insurance can provide essential income replacement—not just pay for funeral costs—you give them the tools to plan for the future and protect the financial well-being of their families. Clear communication, educational sessions and accessible resources can go a long way in empowering your team to make informed decisions.
2. Evaluate and expand employer-sponsored coverage
Thirty percent of Hispanics who have life insurance say they have it because their employer provides it. However, many employer-sponsored plans offer limited benefits, and they often don’t follow employees if they leave the company.
Consider reviewing your existing group life insurance offerings:
- Do they meet the realistic financial needs of your employees’ families?
- Are you offering portable options that employees can keep if they change jobs or retire?
- Do your employees know they can (and should) carry additional individual coverage?
Encouraging employees to build on employer-sponsored plans ensures they’re fully protected, no matter where life takes them.
3. Promote financial security and family protection
One of the biggest benefits of life insurance is the emotional comfort and confidence it brings. Workers with life insurance coverage are more likely than uninsured workers to feel financially secure (62% versus 47%), according to LIMRA.
During Life Insurance Awareness Month, use internal communications, benefits meetings, or one-on-one sessions to emphasize how life insurance can help protect a child’s education, a spouse’s retirement, or a family’s home. When employees know their loved ones are cared for, they can focus more fully on their roles and responsibilities at work.
4. Break the myth: life insurance is more affordable than many think
Affordability is often a perceived barrier. According to LIMRA, more than 40% of Hispanic Americans feel life insurance is too expensive. Yet more than 72% overestimate the cost of a term life insurance policy. The truth? The average life insurance policy costs just $26 per month.
As an employer, you can help by:
- Providing transparent pricing for voluntary life insurance options.
- Offering financial literacy sessions on budgeting and planning.
- Showing employees how small changes in spending habits can free up money for important protections like life insurance.
5. Connect employees with insurance professionals
Choosing life insurance can be confusing, especially for employees who are unfamiliar with the process. In addition, Hispanics are “more distrustful of life insurance agents and carriers than the general population,” according to LIMRA.
Offering access to licensed insurance professionals and benefits experts can help your employees make informed, confident decisions. To help build trust, offer Spanish materials and consider hosting Q&A sessions or informational webinars in both English and Spanish to ensure accessibility for all.
We’re here to help!
As you celebrate Hispanic Heritage Month in your organization, we encourage you to take a proactive role in supporting the long-term financial wellbeing of your Hispanic employees. Offering access to life insurance resources and education is a powerful way to show you care—and to empower your workforce at the same time.
If you’d like to learn more about how Washington National can support your company’s life insurance offerings, we’re ready to help. Contact us at (800) 525-7662 to speak with one of our experts.
Want more? Check out our blog, How to connect with Hispanic and Latinx employees through benefits