CREATED EXCLUSIVELY FOR FINANCIAL PROFESSIONALS. NOT FOR USE WITH CONSUMERS. 1050873-00002-00 Ed. 01/01/2022
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Why Prudential
Championing Equality
eCapabilities
Meet "The Easons"
Meet "The Johnsons"
Meet "Jessica"
Engage with Prospects
Dispelling the Myths
Introduction
Accessibility
*America 2021: The Opportunity to Advance Racial Equity in America, McKinsey & Company, February 17, 2021.
President, Individual Life Insurance
You are the rock clients can depend on to overcome the financial challenges many Black Americans face. This guide will take you through those challenges, needs, and how, together, we can use these opportunities to help Black Americans build more secure financial futures.
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Throughout our country's history, Black Americans have faced additional challenges to building wealth – and the racial wealth gap continues to widen. Prudential is committed to helping it close. In fact, Prudential was founded on the principle of helping customers build financial security.
Source: LIMRA, 2021 Insurance Barometer Study.
Build Trust and Credibility
Myth #5
Myth #4
Myth #3
Myth #2
Myth #1
5 Life Insurance Myths that Leave Black Americans Behind
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Get
Read
33% want to leave an inheritance for their heirs, compared to 27% of all consumers.
66% believe the major reason to own life insurance is to cover burial and other final expenses, compared to 48% of all consumers.
75% feel they need (more) life insurance, versus 70% of all consumers.
You have an opportunity to help people achieve financial success. Dispell these myths to help them get and stay on track.
“$1 million in coverage is too much.”
“I’ll be dead; why should I care?”
“I have enough life insurance through my job.”
“I’m not trying to make anyone rich.”
“It’s only for final expenses.”
When it comes to life insurance and Black Americans, there are both wealth and knowledge gaps. Common myths can hinder many from having enough life insurance to solve for their needs and wants.
Black Americans Offer a Huge Opportunity in Life Insurance Sales, Daniel Williams, March 7, 2017.
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LIMRA African-Americans: Demographic and Consumer Spending Trends, 10th Edition, 2016.
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Kantar, Download on African Americans 2021.
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As with any demographic group, Black consumer trust needs to be earned and compounded over time, through both continuous and consistent relationship building.
through legacies they can leave to their children.
These consumers view purchasing insurance coverage as an important means of building “generational wealth”
Black Consumers hold a current market value of $2.8 trillion in life insurance, estimated to grow annually by $74 billion.
Even amid financial barriers, the buying power of Black consumers is still on the rise and projected to grow to $1.8 trillion by 2024.
Telling the life insurance story to Black consumers to help bridge the racial financial gap is a tremendous opportunity to grow your business. We’ve created actionable emails, articles, consumer presentations, and more to help.
Their stories can help you identify opportunities in your business, along with tools that will help you lead actionable conversations.
Create Connections & Relationships
It's Just the Beginning: Your Guide to the Ultimate Post-Event Strategy
Connected Advisor Tech Tips
Present Legacy Advantage Lightning
(downloads a PPT)
Present Multiple Levels of Financial Protection
(downloads a docx)
Send Prospecting Life Insurance Legacy eMail 2
Send Prospecting Life Insurance Myths eMail 1
Leave a Legacy
Check Your Emotions
Designing a Plan
Meeting the Retirement Needs of Black Americans
Act
Institute for Women's Policy Research, Quick Figures, Breadwinner Mothers by Race/Ethnicity,
The situation presented is hypothetical and not representative of any particular client.
69.9% of Black households surveyed are headed by a single mother breadwinner vs 31.8% for white households
Outstanding customer service is important to me
Make it easy for me to get what I need
Saving for retirement
Paying off student loans
Juggling work, child care, and day-to-day expenses needed to run the household on her own
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Household Income: $78,000
Occupation: Emergency Room Nurse
Residence: Detroit, MI
Age: 35 Single Parent, 1 Child Under Age 10
Life Insurance Retirement Planning Brochure
Protecting What Matters Most
Understanding Your Life Insurance Options
Tools
Use these tools to help “Jessica” address her protection needs:
https://iwpr.org/wp-content/uploads/2020/05/QF-Breadwinner-Mothers-by-Race-FINAL-46.pdf
, April 2020.
LIMRA 2021 Insurance Barometer.
PlanSponsor, Black Americans Report Changing Financial Habits Due to COVID-19, 2021.
ISG Customer experience, African American’s Segment Attitude Agreement Test, 2018.
3 - LIMRA 2021 Insurance Barometer.
2 - PlanSponsor, Black Americans Report Changing Financial Habits Due to COVID-19, 2021.
1 - SG Customer experience, African American’s Segment Attitude Agreement Test, 201.8
64% of Black consumers surveyed say it is a priority to plan for future generations in the family, to leave them assets that will help them get ahead.
Know they need to reevaluate their life insurance coverage but haven’t gotten around to it
Like many consumers their age, they think that life insurance is too expensive
Shoring up their retirement savings
Reevaluating their life insurance coverage
Finding a new financial planning resource to plan their financial future
Making lasting changes to how they spend and save
Household Income: $165,000
Occupation: Paul, Owner Electrical Contracting Firm Grace, Middle School Teacher
Residence: Maplewood, NJ
Age: Paul, 36 Grace, 35 Married, 2 Children Under Age 10
Small Business eBook
The Benefits of Life Insurance in Retirement Planning
What Every Consumer Should Know About Life Insurance
Use these tools to help “The Johnsons” address their protection needs:
2 - LIMRA 2021 Insurance Barometer.
1 - PlanSponsor, Black Americans Report Changing Financial Habits Due to COVID-19, 2021.
Higher-income Black consumers surveyed more often say that they are likely to pass along wealth via life insurance benefits vs. inheritance for higher-income individuals in the general population.
They’re concerned about national and world events having a potential impact on their financial future
As with nearly half of their peers, leaving an inheritance for loved ones is an important financial goal
They see owning life insurance as a way to transfer wealth across generations
Maintaining or improving their financial stability
Caregiving for Mark’s mom
Retiring comfortably
Leaving a legacy
Household Income: $310,000
Occupation: Mark, Corporate Lawyer Twanna, Vice President of Human Resources
Residence: Atlanta, GA
Age: Mark, 59; Twanna, 56 Married, 2 Adult Children, Ages 22 and 24
Insurance with BAR
Comparing Chronic Illness Solutions
Wealth Transfer – Leaving a Legacy
Legacy Advantage Lightning Presentation
Estate Planning Checklist
The Value of Permanent Life Insurance
Use these tools to help “The Easons” address their protection needs:
Nielsen’s Young, Connected and Black, 2016.
eCapabilities Interactive Experience
Enjoy the E’s of Doing Business with Prudential
Making it Easier
Tools with the ease of doing business in mind.
There are 11.5 million Black millennials that are using technology and social media to amplify their voices about how they consume information, entertainment, and products.
Black millennials are tech-savvy leaders in digital advancement.
79% of Black Americans are looking for brands to make it easy for them to get what they need.
Our eCapabilities make it easy for you to help clients. It speeds up and simplifies the entire life insurance process. This gives you more time to grow your business; clients get the modern customer service experience they expect.
Prudential Confidence Brochure
Racial Equity and Inclusion are Core Business Imperatives
Prudential is known for delivering on our promises to our customers.
After the death of George Floyd, and the national sense of urgency that followed, we deepened and accelerated our work, creating nine commitments to advance racial equity through a holistic approach for our people, through our business, and in society. The result of more than 125 employee listening sessions, our commitments are ambitious, multi-year goals that challenge us to be bold.
2020
Prudential made a $180 million commitment to Opportunity Youth, the largest ever private-sector commitment, at the time, for young people ages 15-29 who lack access to school, training, or steady jobs.
2019
Prudential partnered with dfree to deliver financial seminars to church-affiliated participants in the Black community, reaching more than 30,000 community members.
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The Prudential Foundation provided a founding grant to launch the My Brother’s Keeper Alliance for boys and young men of color.
2014
The Prudential Foundation provided grant support for the Martin Luther King, Jr. Memorial at the National Mall in Washington, D.C.
2011
Prudential established an Office of Veterans Initiatives and a VETalent Program to prepare servicemen and women for civilian careers after completing their service to our country.
2010
Prudential was among the first to help fund the construction of The Smithsonian National Museum of African American History and Culture, which opened in 2016
2009
Began national policy advocacy for multiple-employer plans to increase access to retirement plans for small business workers, many of whom are women and people of color.
2008
Launched the first of eight employee business resource groups, with 32% of U.S. employees participating in 2021.
1993
Launched The Prudential Foundation to eliminate barriers to financial and social mobility for underserved and under-represented populations.
1978
expand our addressable market and open pathways to grow our business. We can seize new opportunities by developing products, services, and distribution channels that are meaningful and attractive to a more diverse set of customers. We continue to bring all of our assets to the table, including products and services, philanthropy and impact investing, advocacy, and more.
Prudential has a long-standing history of investing in the community and society. We’re committed to equality as both a business and moral imperative. This is demonstrated through our inclusive culture and leveling of the playing field so that all people have the opportunity to achieve financial security. Our enterprise inclusion strategy is a growth strategy that will
ISG_KT_ILI2_01 1050873-00002-00 Ed. 01/01/2022
©
Life insurance is issued by Pruco Life Insurance Company (except in NY) and Pruco Life Insurance Company of New Jersey (in NY). Both are Prudential Financial companies located in Newark, NJ. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any clients or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing a client’s retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. 2022 Prudential Financial, Inc. and its related entities.
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