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Sixty-eight percent of Black people in the New York Life study said they want their life insurance proceeds to pay for a child’s college education.
“In thinking about their financial futures, African Americans recognize the opportunity to use life insurance to protect their families and, at the same time, create wealth for the Black community at large,” said New York Life VP Jackson. “Our agents are consistently seeing attitudes about life insurance shift from primarily using proceeds to cover burial expenses to leveraging policies to grow small businesses, fund a college education, and leave a legacy for future generations.
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