We are excited to begin our California pilot programs which will assist us in measuring the needs and demands for life insurance products and services within our Hispanic communities.
San Francisco, CA (Vocus) August 15, 2008 -–
The United States Hispanic Chamber of Commerce (USHCC) today proudly announced a key alliance with S.USA Life Insurance Company, Inc. (S.USA). This new alliance, to be managed by Hispanic Chamber Insurance Services, a USHCC-owned insurance agency, will offer much-needed, premier life insurance products, services and programs to Hispanic Chamber member businesses, individuals and families. The pilot program is available to Hispanic business owners throughout California.
Hispanics, numbering more than 45 million people nationwide, now possess more disposable income than any other minority group. While the numbers are staggering, this growing economic strength continues to carry with it substantial vulnerabilities. According to a study by the Center for Hispanic Marketing Communication at Florida State University, only one-third of Hispanics possess life insurance compared to almost two-thirds of the overall U.S. population. This deficit may expose many Hispanic families to financial risk long-term.
“The financial strength and stability of our families and our businesses is vital to the economic empowerment of our community,” said USHCC chairman, David Lizárraga. “In light of this fact and consistent with our mission at the USHCC, we are honored to work with S.USA Life Insurance Company, the country’s first truly bilingual life insurance company, to provide a membership program that will offer affordable and accessible options for our business owners and their employees.”
The USHCC, which represents more than 2.5 million Hispanic-owned businesses nationwide, selected the longstanding and nationally recognized S.USA Life Insurance Company as its underwriter. S.USA is a member company of the SBLI USA Group, which includes the parent company SBLI USA Mutual Life Insurance Company, Inc. In operation for almost 70 years, SBLI USA has a strong history of serving working families from underserved communities such as the Hispanic business community.
“Hispanic-owned businesses and families deserve greater access to life insurance and financial security,” said Vikki L. Pryor, president and CEO of SBLI USA. “In a study conducted by LIMRA, nearly 35 percent of Hispanics with dependents stated they were very concerned about not having adequate protection in the event of premature death. S.USA is honored to have the trust of the USHCC to offer solutions to concerns such as these to its membership.”
Hilda Rayas, USHCC Chief Operating Officer, added, “We are excited to begin our California pilot programs which will assist us in measuring the needs and demands for life insurance products and services within our Hispanic communities.” She went on to say that, “S.USA’s financial stability, premier product offerings, and state-of-the art technology platform puts them in a great position to take on this exciting initiative.”
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of more than 2.5 million Hispanic-owned businesses in the United States that generate almost $400 billion annually. It also serves as the umbrella organization for 200 local Hispanic chambers in the United States, Puerto Rico, Canada, Mexico, Bolivia and Uruguay.
About Hispanic Chamber Insurance Services
Hispanic Chamber Insurance Services is wholly owned by USHCC Enterprises, Inc., which is a California corporation wholly owned by the United States Hispanic Chamber of Commerce. Hispanic Chamber Insurance Services is licensed by the State of California Department of Insurance for life and health insurance products, license number 0G13599.
About SBLI USA/S.USA Life Insurance Company
SBLI USA and S.USA market a wide range of life insurance products to underserved and diverse markets. The Company is the first truly bilingual life insurance company in the United States and is dedicated to providing individuals, families and communities with information and products to achieve financial goals. SBLI USA has more than 300,000 policyholders nationwide, more than $16 billion of insurance in force, and over $1.5 billion in assets including $129 million in surplus capital. S.USA is a member company of the SBLI USA Group, which includes the parent company SBLI USA Mutual Life Insurance Company, Inc. For more information visit http://www.susa.com