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News Every Day |

Diversity has been a big problem for life insurance, but companies say they're trying to address the problem head-on

Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.

A couple signing mortgage documents.
Companies have started initiatives to make life insurance more equitable.
  • Diverse hiring helps life insurance companies connect with underserved communities.
  • Policies are becoming more accessible as companies eliminate discriminatory underwriting practices.
  • Life insurance companies are focusing on community and product development.

The racial wealth gap touches every aspect of personal finance, from savings to life insurance. Many of the largest insurance companies have historically denied Black applicants, given them lower-value life insurance than white applicants who paid the same amount, and engaged in other discriminatory activity.

Research from William G. Gale, a Brookings Institution economics expert and co-author of "Racial Discrimination in Life Insurance," found that while Black families were 3% more likely than their white counterparts to have a life insurance policy, the differences in inheritances (often including life insurance payouts) accounted for 10-20% of the wealth gap.

While companies have made efforts to address discriminatory practices, many Latino, Black, Polynesian, Indigenous, and other people of color continue to feel apprehensive about making the financial leap to buy life insurance that would meet their family's needs.

Insurers are working to rebuild trust with efforts to uplift struggling communities, improve the quality of life for individual families, and encourage greater innovation on the business side. But, as Gale says, "It's hard to tell the difference between what's lip service and what is a genuine effort to improve issues that may or may not be intentional." However, he emphasizes that changes are indeed happening.

Diverse hiring is just the beginning

Jackson Davis, head of diversity, equity, and inclusion at MassMutual, says, "MassMutual looks at diversity hiring both in terms of racial/ethnic and gender diversity as well as growth within the disability, LGBTQ+ and veteran communities. You can see our progress in our publicly available workforce demographics."

In short, people need to see themselves in a company. If a buyer can walk into a life insurance office and talk to someone who looks like them or shares a native language, it builds trust. This can only happen through diverse hiring practices.

But diversity doesn't stop at the hiring table. It also involves working to "close the opportunity gap for young adults who otherwise wouldn't have the opportunities to work in a corporate environment, which typically includes those individuals from disenfranchised communities," according to Kathleen Navarro, senior vice president and chief diversity officer at New York Life.

The question is, does this translate to long-term careers and leadership roles? In assessing the performance of the New York Life Year Up intern program for interns who might not otherwise enter corporate life insurance, Navarro has "witnessed many of these young diverse adults thrive with many having been promoted several times."

Intersectionality is vital when promoting diversity

Racial inclusivity is an essential part of diversity, equity, and inclusion. But it's also crucial to recognize the experiences of women, LGBTQ people, and individuals identifying as having a disability, particularly as these designations can overlap with each other.

Many people with disabilities fear not being hired, losing promotions, and other repercussions should employers learn of their status. These challenges are also faced by those in the LGBTQ community. Through programs like New York Life's Inclusively, people with disabilities are not just invited to the table; their input is vital and to be celebrated.

New York Life's Navarro described the company's Inclusively platform, which aims to connect professionals who identify as having a disability with job opportunities. "Companies on this platform are committed to ensuring that this population can find successful and meaningful careers. Many companies focus on gender and diversity goals, and Inclusively provides the company with an opportunity to focus on an untapped market."

Inclusively also offers training on topics such as understanding accommodations, interviewing, ableism, and  understanding neurodiversity.

Making life insurance better for all communities

Many of the big insurers we're familiar with today denied non-white applicants coverage, only sold lower-value coverage, or otherwise engaged in active discrimination.

Aside from eliminating blatantly discriminatory underwriting, Guardian Life has opened the door to life insurance for people with HIV. Underwriting guidelines are based on current medical innovations and knowledge, and more people are eligible for coverage than ever before.

Diane Henry, head of impact investment funds at MassMutual, highlights its investments in diverse vendors and small to medium businesses. MassMutual works with diverse companies, managers, and employees who may work in areas other than finance, allowing individuals to affect areas they are most passionate about.

The company is investing millions to assist organizations like the Raven Fund II, which Henry explains "invests in early and growth-stage Indigenous companies that are helping to build a renewed and sustainable Indigenous economy in Canada and the United States."

Another example of community outreach is Lincoln Financial, which started the African American Financial Professional Network to connect Black financial professionals. Partnering with CHIP, it connects agents to customers in their communities.

Diversity, equity, and inclusion require ongoing innovation

Diversity, equity, and inclusion require commitment and flexibility. Above all else, companies must be prepared to admit mistakes and gaps in knowledge. Along with changing course, this could mean working with organizations like the life insurance non-profit Life Happens to make these connections through extensive consumer outreach, education, and online resources.

Paul Dougherty, a board member of Life Happens, says, "We're neutral, and our work complements the work of individual professionals within these companies. Our ability to speak on behalf of the industry — and not a particular company — is key, because we believe a rising tide lifts all boats."

Most importantly, some would say, companies have to be committed to a long-term plan. Davis illustrates this mindset, saying, "To change culture, we have learned through experience that we need to change and challenge our mindsets. That's why seven years ago, we invested in building culturally competent and inclusive leaders across the company through education centered on allyship. Hundreds of leaders have completed this program, and each year we continue the dialogue."

Read the original article on Business Insider
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