Diversity has been an issue for life insurance companies—but now they’re working with Millennial POC to address discriminatory practices. 

Diversity has been an issue for life insurance companies—but now they’re working with Millennial POC to address discriminatory practices. Research from a Brookings Institution economics expert found that “while Black families were 3% more likely than their [W]hite counterparts to have a life insurance policy, the differences in inheritances (often including life insurance payouts) accounted for 10-20% of the wealth gap.” The racial wealth gap is affecting Millennials of color and life insurance companies have a proven history of denying Black applicants and giving them “lower-value life insurance than [W]hite applicants who paid the same amount.” Insurers are working to rebuild trust among families and one way they’re doing so is by hiring more POC, LGBTQ+, and employees with disabilities to make clients feel more comfortable. YPulse has reported that Gen Z is the first generation with over half identifying as people of color, so it’s integral that brands understand these consumers’ wants and needs. (Insider)