I find it ironic that several types of insurance are mandatory in America, but not life insurance. When we purchase a new car, we must have car insurance before we drive it off. Many landlords make renters obtain rental insurance before they will rent an apartment or a home. If you lease a commercial space, you must provide business insurance. When you purchase a home, you must get homeowners' insurance. Even the government at one point was fining people for not having health insurance. But life insurance, no one makes us get it.
"A good person leaves an inheritance for their children's children."
--Proverbs 13:22 NLT
Many people do not respect or understand why life insurance is important, especially in minority communities. Many people have the mindset of "why should I pay for an insurance policy every month, taking money out of my pocket, just so someone else can benefit." Since it’s not mandatory, sadly, 1 in 4 Americans do not have life insurance coverage, which puts an unnecessary strain on their family when they leave. If they have life insurance at all it is just enough to cover their burial expenses.
What so many people are not aware of is that life insurance is one of the secrets that wealthy people have been using to transfer wealth from one generation to the next for years. But, when many people hear the words "life insurance", they tend to think of only burials and funerals. While life insurance does cover your final expenses when you die, it’s only part of a secure financial plan. I am a licensed financial specialist and while life insurance is a product that I provide, my team and I are professionals who educate families and help them understand how money works by teaching the financial secrets we should have learned in school.
As a licensed financial specialist, my mission is to educate families about financial literacy and help them see the entire financial picture, which might include retirement plans outside their job, debt relief plans, college fund savings plans for their children, budgeting plans, emergency fund plans, and plans to build generational wealth for their family.
What is generational wealth? Simply put, generational wealth is money and assets passed down from one generation to another. It can be crucial for the security of any family’s financial future. To build generational wealth, you don't need to be incredibly wealthy. With good planning and saving, the average person can build generational wealth and leave a legacy for their loved ones.
As a licensed financial specialist, I share knowledge that will help families build generational wealth. While burial costs and final expenses rank as the top reasons that Americans own life insurance, as mentioned earlier some financially knowledge people also see it as a way of transferring wealth to the generations after them. And this is what I want to bring to your attention, open your eyes to this knowledge, and show you how you can begin to create generational wealth for your family.
According to a survey of consumer finance done by the Federal Reserve, the median wealth of white families was $188,200 at the end of 2019, while the median wealth of black families was $24,100. Hispanic families’ median wealth was $36,100. As you can see, these are huge gaps and why building generational wealth can be so important to minority families and having life insurance in place play a very big part.
There are five challenges in the African American community which contribute to these gaps:
With knowledge and the right strategy, you could end generational poverty in your family. Some cultures have been using this strategy for years to pass wealth down from generation to generation. There is no reason why you can’t do the same.
The topics of life insurance, money, and finances are topics that should be talked about as soon as your children are old enough to learn the value of money, and they should definitely be talked about between adult children and their aging parents. Should adult children ever need to handle their parents' financial affairs, they need to make sure that their parents have the legal documents in place to protect their estate and clarify their wishes should they pass on.
Now, with all that I have shared, can you see the value of having a good life insurance policy in place? Is there any reason why you would not start building wealth for your children and grandchildren? If not, let’s have a conversation and get your family on this simple path to generational wealth. Schedule a consultation today.
We are on a mission to get this information out to as many people as possible, and we could use your help. We have several rep opportunities available. If you have the desire to help families and would like to earn $500 to $1000 or more per month in your spare time, schedule a consultation today, let’s have a conversation.
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