A new study finds black Americans place a greater emphasis on having adequate life insurance, and are twice as likely to consider purchasing life insurance for themselves or for someone else in their household, compared to the total U.S. population.

The report, prepared by Connecticut insurance advisory firm LIMRA, compared the financial goals of black Americans to the general population, and found that the top three goals – having enough money for a comfortable retirement; having adequate health insurance; and paying off debts such as student loans, credit card debt and mortgage – are the same. However, black consumers place more importance on having life insurance, and having a plan to replace income if unable to work, than the general population.

LIMRA’s research also found that financial goals vary depending on age, as younger black consumers are more concerned with paying off debt, while older black adults are focused on having adequate savings for retirement, which is consistent with the general population. The study also uncovered that about one-third of black residents are "very optimistic" that their income will improve within the next three years, which is higher than the general population (23 percent).

"LIMRA’s research on the various ethnic and racial groups in the United States indicates that while these consumers have similar needs for financial products, as compared to the general population, the strategies for reaching out to them are different," said Nilufer Ahmed, senior research director, LIMRA Markets Research. "Our findings indicate that black Americans are more receptive to buying life insurance today than in the past, and that they have a more positive attitude towards life insurance companies and their field representative than the general population."