For years, Black Americans lagged behind whites in the amount of money they held in life insurance, due, in part, to decades of race-based pricing in which Black people were charged more.

However, that is changing.

The 2021 Insurance Barometer Study, which tracks the perceptions, attitudes, and behavior of adult U.S. consumers, found that 56 percent of Black Americans purchased life insurance policies in 2021 — the highest rate among all racial groups.  

“For decades, it was a standard practice at some insurance companies to charge Blacks more for products and offer them small face amount burial insurance that provided little value for the premium paid,” said Judy Hopkins, head of legal at New York City life insurance agency Haven Life. “These practices led to litigation and settlements that were resolved not long ago.”

A survey from Haven Life in 2020 found that 22 percent of Black people value life insurance as a way to pass along generational wealth, compared to 8 percent of white respondents.

Here are 13 key facts on Black Americans increasingly buying life insurance policies than other racial groups.