CREATED EXCLUSIVELY FOR FINANCIAL PROFESSIONALS. NOT FOR USE WITH CONSUMERS. 1050873-00003-00 Ed. 07/2023
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Why Prudential
Championing Equality
eCapabilities
Meet "Elijah"
Meet "Maya"
Meet "Christopher"
Engage with Prospects
Dispelling the Myths
Introduction
Accessibility
Prudential is dedicated to helping build wealth and legacy with Black Americans. We are working to drive greater awareness opportunities that will help Black American’s erase the wealth gap and build better financial futures. This digital guide will help you understand the needs and challenges of Black Americans and provide you with tools to help them build a more secure financial future.
*America 2021: The Opportunity to Advance Racial Equity in America, McKinsey & Company, February 17, 2021.
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*
President, Individual Life Insurance
Prudential is committed to helping it close. In fact, Prudential was founded on the principle of helping customers build financial security. 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.
You have an opportunity to help people achieve financial success. Dispell these myths to help them get and stay on track.
5 Life Insurance Myths that Leave Black Americans Behind
“I’m not trying to make anyone rich.”
“I have enough life insurance through my job.”
“I’ll be dead; why should I care?”
“$1 million in coverage is too much.”
Read
Get
Watch
Myth #1
Myth #2
Myth #3
Myth #4
Myth #5
Build Trust and Credibility
“It’s only for final expenses.”
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.
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.
Source: LIMRA, 2021 Insurance Barometer Study.
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.
Kantar, Download on African Americans 2021.
As with any demographic group, Black consumer trust needs to be earned and compounded over time, through both continuous and consistent relationship building.
Create Connections & Relationships
Send Prospecting Life Insurance Myths eMail 1
Act
Send Prospecting Life Insurance Legacy eMail 2
Connected Advisor Tech Tips
Present Multiple Levels of Financial Protection
Present Legacy Advantage Lightning
It's Just the Beginning: Your Guide to the Ultimate Post-Event Strategy
1
2
3
Their stories can help you identify opportunities in your business, along with tools that will help you lead actionable conversations.
(downloads a PPT)
(downloads a docx)
Nielson IQ, 2022
Limra, 2022
Black consumer buying power is projected to reach $1.8T by 2024.
Nearly 6 in 10 Black Americans (58 percent) say they are likely to buy life insurance within the next 12 months. Uninsured Black Americans are nearly twice as likely as those in the general population to say they will “definitely buy” life insurance within the next year.
While financial protection may not be his main concern yet, he aspires to provide for his family and wants a life insurance policy that can help ensure that these expenses will be cared for.
Use these tools to help “Christopher” address his protection needs
Building wealth through investing to maintain his standard of living
Having an emergency fund in case of a crisis
Leaving a legacy
Confident and willing to take financial chances for growth
Socially conscious and very committed to investing in community
All information shown is from Joy Collective research, 2022.
Understanding Your Life Insurance Options
Protecting What Matters Most
Life Insurance Retirement Planning Brochure
Tools
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The situation presented is hypothetical and not representative of any particular client.
Household Income: $77,000
Occupation: Computer Programmer; trades crypto on the side
Residence: Detroit, MI
Age: 34 Single
Education: Completed high school and has an online coding certification
Having enough saved to provide for and leave an inheritance to family
Eager to prepare to have a family, home, and comfortable retirement
Would rather invest than save
Cash Value Life Insurance
Financially educated and already with a plan for retirement savings, Maya has life insurance through work. She is interested in upgrading her life insurance because she wants to make sure she has enough protection for her "family".
Wants to help the next generation succeed
Is knowledgeable about investing and planning
Sees investment as an important tool for wealth–building and is comfortable taking risks, to a degree
Paying for her children’s education
Saving to maintain her standard of living
Legacy planning to leave an inheritance
Household Income: $105,000
Occupation: Group Manager at a large conglomerate
Education: Completed a Bachelor's Degree
Residence: Maplewood, NJ
Age: 37 Married 2 boys, ages 7 and 11
Legacy Advantage Lightening Presentation
Estate Planning Checklist
What Every Consumer Should Know About Life Insurance
Use these tools to help “Maya” address her protection needs
Wealth Transfer - Leaving A Legacy
Despite his current focus on immediate expenses, he also values putting his dependents first and setting his family up for success. He is interested in leaving a legacy, so his family does not struggle without him or his wife.
Feels an obligation to give back to valuable causes
Feels confident in financial decisions he has made
Is proud of his success so far and sees becoming a millionaire as attainable
Continuing to build wealth through investing since he does not have a lot of debt
Planning for retirement
Paying family expenses for healthcare and education out of pocket
Household Income: $147,000
Occupation: Entrepreneur who started a small tech business shortly after college with his two college friends
Education: Completed a Master’s degree in Business Administration
Residence: Atlanta, GA
Age: 36 Married one of each, ages 8 and 12
Use these tools to help “Elijah” address his protection needs
Very optimistic about the future and comfortable taking bigger risks
Small Business E-book
Insurance with BAR
Comparing Chronic Illness Solutions
The Value of Permanent Life
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.
79% of Black Americans are looking for brands to make it easy for them to get what they need.
Black Americans under 40 get news from social media platforms at higher rates than white peers.
70% of black millennials are fascinated by new technology, and they’re more likely to be the first among friends or colleagues to try new tech products.
AmericanPress Institute, 2023
Enjoy the E’s of Doing Business with Prudential
eCapabilities Interactive Experience
Making it Easier
Tools with the ease of doing business in mind.
Digital Grass Innovation & Technology. Powered by MediumFour 2008-2021
Prudential is known for delivering on our promises to our customers.
Prudential Confidence Brochure
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
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.
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.
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
Racial Equity and Inclusion are Core Business Imperatives
TM
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. 2023 Prudential Financial, Inc. and its related entities.
For nearly 150 years, Prudential Financial has been helping individuals, families, and institutions achieve financial wellness. When you partner with Prudential, you have the expertise, technology, and strength of an industry leader by your side. Together we can help clients protect their loved ones, themselves, and their futures.
You're their rock. We're here to be yours. Reach out to your Prudential Life wholesaler for more information.
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CREATED EXCLUSIVELY FOR FINANCIAL PROFESSIONALS. NOT FOR USE WITH CONSUMERS ISG_WE_ILI230_01
