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As of 2020, the average Black family’s net worth is less than 15 percent of the average white family’s, according to the Federal Reserve. Life insurance is being viewed as a way to pass on wealth, said Salka.
The New York Life study found that 37 percent of Black respondents said they intend to use their policies as a way to leave a legacy and 28 percent said they would use life insurance to transfer wealth.
