11. A push to educate Black people about life insurance benefits

Because so many people in the Black community look at life insurance merely as a tool to pay for burial costs, there has been a push by companies to educate ono the benefits of having a policy.

New York Life’s African American Market agents, for example, are trying boost financial literacy in the Black community and inform consumers that life insurance can be used for a variety of purposes.

“Life insurance is so much more than being about a quick fix (covering funeral costs),” Mitchell said. “It is about helping protect your assets, creating inheritance, and passing wealth to the next generation.
In the unfortunate death of a parent or small business owner, life insurance can keep life moving by covering mortgage payments, college costs, and other bills. It should be looked at for its replacement value, not just for final expenses.”