Insights | 02.24.21
How Life Insurance Can Build Wealth in the Hispanic Community, According to a Financial Planner
Business Insider spoke to Silvia Tergas, a financial planner with Prudential, about how life insurance plays a role in financial wellness in the Hispanic community. According to Tergas, many Hispanic families have negative experiences with financial professionals, especially if financial ruin was the reason they left other countries. She said lack of education and an overarching mistrust are barriers for the community and its approach to financial services like insurance. What helps build trust? Tergas said brand recognition is important, as well as a strong relationship with an individual. Financial advisors in the Hispanic community need to make it more personal, connecting their clients to the goals that matter to them. "Financial planning begins and ends with the client's need for life insurance," said Tergas, "and at end of day, life insurance is risk management." She said based on your cash flow and potential resources, you should balance the need for permanent life insurance, which is more expensive than term life insurance.
Read the full article on Business Insider.