One of the greatest gifts we can leave our loved ones is the absence of financial burden.
Many of us have been on the receiving end of a GoFundMe campaign after the passing of someone. Whether it is an illness, violence, or natural causes – people leave this earth each day without the appropriate funds in place to cover their funeral and burial.
The pandemic has unmercifully shown us the fragility of life. Fortunately, many Black Americans have taken the painful reality of our current world and made significant investments in life insurance.
There was a time when white Americans were offered larger policies, and Black Americans were not. Perhaps that discriminatory practice left a sour taste in the financial routines of many in the Black community. Today, however, a 2021 Barometer Study says that 56 percent of Black Americans have purchased life insurance policies in the last year, which is the highest rate among many racial groups.
For less than the cost of a full tank of gasoline, many of us can afford a life insurance policy.
A life insurance policy can mean much more than just assuring that a funeral and burial are covered. Such a policy can help create generational wealth. The average funeral can cost more than $10,000. That is an incredible feat for a grieving family when there is no life insurance. On the other hand – a $500,000 life insurance policy could cover funeral expenses, help replace a portion of the loss of income and provide financial comfort to loved ones.
Imagine a grieving family having the funeral and burial paid for, having a substantial amount of money remaining to maintain the family home, pay off debt, and keep a grieving family afloat.
One narrative that has often fallen on deaf ears in the black community is the idea that building generational wealth is not possible. When salaries are less-than-desirable, bills are mounting, and the cost-of-living continues to rise – hearing “life insurance” simply sounds like another bill to many people.
We love our children, parents, families, and homes – both in life and in death. Taking care of the loved ones we leave behind is an affordable priority. If we’re honest with ourselves, many of us frivolously spend on things we can’t even recall the following month.
Schedule a free 15-minute consultation with Alicia to discuss your family’s life insurance planning!