Building, Protecting, and Passing on Black Wealth

Life insurance has been ignored for too long as a wealth-building and legacy creation tool in the Black community.
Take a minute to learn how to maximize the many benefits of life insurance and close the racial inheritance gap for your family.
Here are steps you can take to create family financial strength and community transformation.

Life Insurance made a difference for these families

See how these families were strengthened and able to leapfrog ahead in life

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Know yourself, Know your worth

Do you recognize the economic value you hold to yourself and your family, in fact you may be a million-dollar assets. Learn how to protect and invest on that value

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Insure Yourself to Ensure the Future

Protection with life insurance should incorporate four important components: income protection, living benefits, final expenses, and legacy creation

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Life Insurance made a difference for these families

Grieving became a luxury....

She was so grateful for the person that suggested life insurance.
She only had $3,000 in her account and a daughter to take of…

"Automatically you start to grieve, you want to grieve.....but bills start coming"

Spring Eatmon (Video courtesy of PHP Agency)

Tragedy Can Strike Anyone

The community activist and hip-hop artist Nipsey Hustle did an outstanding job in putting a policy in place to make sure his family was taken care of.

Million dollar life insurance on my flesh.....

Nipsey Hustle

Know yoursellf, Know your worth

Have you asked yourself….what is your life worth?
This video gives you a simple breakdown of how you should begin thinking about the math attached to your life.

Human Life Value

Also known as your economic value, Human Life Value is a positive, simple approach to help understand the role life insurance may play. It provides a high-level estimate of the financial contribution you will make to your family. This is done by calculating today’s value of all future earnings that would be lost if you died today.

Multiply Numbers

The hypothetical example below illustrates a 35-year-old earning income of $50,000 per year, who would like to retire at age 60.

What is your Human Life Value?

This calculation does not factor in inflation.

$ * = $

Insure Yourself to Ensure the Future

Life insurance is a tool, and like most tools, there are different ways to use it.
Take some time to learn the different uses.

Income Protection

Other communities use life insurance to protect:
What They Earn – What They Own
What They Owe – Those They Love

Consider covering these items for your family in the event of your unexpecte4d passing… D.I.M.E.:

Debts – credit card, car, student loans, etc.
Income – replacing at least 10 years
Mortgage – so they won’t get put out
Expenses – funeral, childcare, education

Combining the total value of each probably show’s you’re million-dollar asset… protect this value and all that you mean financially in this world

Income Protection

Other communities use life insurance to protect:
What They Earn – What They Own
What They Owe – Those They Love

Consider covering these items for your family in the event of your unexpected passing… D.I.M.E.:

Debts – credit card, car, student loans, etc.
Income – replacing at least 10 years
Mortgage – so they won’t get put out
Expenses – funeral, childcare, education

Combining the total value of each probably show’s you’re million-dollar asset… protect this value and all that you mean financially in this world.

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Living Benefits

Other communities use life insurance to benefit themselves while they are alive, to cover

Chronic illness
Critical illness
Critical injury
Terminal illness

They also leverage the additional benefits of investment guarantees and tax advantages, which can include tax-free retirement savings

Contrary to popular belief, there are benefits to life insurance that you don’t have to die to use!

Living Benefits

Other communities use life insurance to benefit themselves while they are alive, to cover

Chronic illness
Critical illness
Critical injury
Terminal illness

They also leverage the additional benefits of investment guarantees and tax advantages, which can include tax-free retirement savings.

Contrary to popular belief, there are benefits to life insurance that you don’t have to die to use!

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Final Expense

Other communities make sure they do not become a burden to their family with burial cost and final expenses. An average funeral today costs between $7,000.00 and $12,000.00!

Preparing for these costs eliminates the need for passing the plate at church, car washes, fish fries, and GoFundMe accounts to pay for what should have been someone’s own responsibility.

Final Expenses

Final Expense

Other communities make sure they do not become a burden to their family with burial cost and final expenses. An average funeral today costs between $7,000 and $12,000!

Preparing for these costs eliminates the need for passing the plate at church, car washes, fish fries, and GoFundMe accounts to pay for what should have been someone’s own responsibility.

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Legacy Creation

Other communities use life insurance as a guaranteed way to create an inheritance for their family so that it can pay for:

Children’s college educations
Down payments for homes
Start-up capitals for new businesses

They also ensure cultural and community support with tax-deductible gifts to organizations, like chruches and charitable institutions they care about.

Legacy Creation

Other communities use life insurance as a guaranteed way to create an inheritance for their family so that it can pay for:

Children’s college and trade school educations
Down payments for homes
Start-up capital for new businesses

They also ensure cultural and community support with tax-deductible gifts to organizations, like chruches and charitable institutions they care about.

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Closing the Racial Wealth Gap

The difference in inheritance received has been recognized as a major current contributing factors of the wealth gap. This gap will only widen if not addressed.

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Life Insurance Calculator

Based on your intentions for your family, enter a few numbers to find out how much you need

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Take Action

If you are ready… to protect you family, to leave a legacy, and to empower your community:

Request a trusted advisors
Purchase online for yourself

Closing the Racial Wealth Gap

Receiving an inheritance helps white families more than black families

White families are twice as likely to receive an inheritance as black families, and that inheritance is nearly three times as much. Even among black families who inherit wealth, the racial wage gap is much larger, compared to white families who inherit wealth.

For families with an inheritance, median white wealth is 7.5 times larger than for black families. Comparatively, white families have 5.4 times more wealth than black families without an inheritance. The importance of inheritances to the wealth position of white families is staggering. At the median, an inheritance increases wealth by more than $100,000 for white families and only $4,000 for black families.

White households inherit more money, and more often, than black households. Being lucky enough to receive an inheritance should not be a determining factor of achieving the ever-elusive American dream.

Source: Economic Policy Institute
https://www.epi.org/publication/receiving-an-inheritance-helps-white-families-more-than-black-families/

Life Insurance Calculator

Intention:

Life Insurance can be used in several different ways

Income protection
Living benefits
Final expense
Legacy Creation

Life Insurance Need Calculator

This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

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Building, Protecting, and Passing on Black Wealth

Life Insurance made a difference for these families

Know yourself, Know your worth

Insure Yourself to Ensure the Future

Grieving became a luxury....

Tragedy Can Strike Anyone

Human Life Value

The hypothetical example below illustrates a 35-year-old earning income of $50,000 per year, who would like to retire at age 60.

What is your Human Life Value?

Income Protection

<img class="wp-image-335 alignleft" src="https://wealthandequity.org/blog/wp-content/uploads/2021/06/income-protection-150x150.png" alt="Income Protection" width="100" height="100" /> Income Protection

Living Benefits

Final Expenses

Legacy Creation

Closing the Racial Wealth Gap

Life Insurance Calculator

Receiving an inheritance helps white families more than black families

Life Insurance Need Calculator

Learn more about the career, the best companies, and the opportunity to make a difference

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Income Protection