SMART LIFE INSURANCE FOR BLACK AMERICA

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Question 1: Why is Life Insurance Important for Black Americans Specifically?

First, research shows Black Americans have to deal with present and legacy structural racism and have multi-generational trauma that impacts health and mortality. Black Americans are at higher risk of early death due to diabetes, stroke, heart attacks, or other unnatural causes. And data suggest that life insurance can be a better deal for Black Americans than for other groups. Black Americans are also often challenged by a lack of safety and protection from events such as death. One way to narrow the racial wealth gap in America is to increase the life insurance of Black Americans at scale. This can be done by adding benefits and financial protection against whatever unforeseen events come our way in the future.

Question 2: Do I Need Life Insurance When I am Single and Healthy?

Many single people assume they don't need life insurance, especially if they don't have any dependents. However, there are many good reasons for single people to buy life insurance.

Being single doesn't mean you don't need life insurance. Life insurance provides essential protections beyond income replacement to care for a spouse or child. There are important financial protections for individuals, too.

Some people wait to buy life insurance until it's needed to protect a loved one. However, if you are young and healthy, buying a policy now can help protect you (and them) down the line. In general, premiums increase as you age and your health changes. Waiting also increases the chance you could be diagnosed with a severe medical condition, which may further limit your options or increase your premiums.

You might select a term life policy to keep premiums more affordable. Based on your personal circumstances and future plans, you can determine your term length (10, 15, 20, or 30 years).

Question 3: What Are The Main Types of Life Insurance?

Term life insurance
How it works: Term life insurance is typically sold in lengths of 1, 5, 10, 15, 20, 25 or 30 years. Coverage amounts vary depending on the policy but can go into the millions of dollars. "Level premium" term life insurance locks in the same price for the length of the policy. "Annual renewable" term life is a one-year policy that renews every year. Annual policies can be helpful if you have short-term debts or need coverage for a brief period of time.

Term life insurance Pros: It's often the cheapest life insurance, and it's sufficient for most people.

Term life insurance Cons: If you outlive your policy, your beneficiaries won't receive a payout.

Whole life insurance
How it works: Whole life insurance typically lasts until your death, as long as you pay the premiums. It's the closest thing to "set it and forget it" life insurance. In general, your premiums stay the same, you get a guaranteed rate of return on the policy's cash value, and the death benefit amount doesn't change.

Whole life insurance Pros: It covers you for your entire life and builds cash value.

Whole life insurance Cons: It's typically more expensive than term life, so if you're looking for affordable life insurance, you might want to explore other options.

If you need lifelong coverage but want more investing options in your life insurance than whole life provides, consider other types of permanent life insurance.

Universal life insurance - earns interest based on current market rates.

Variable life insurance or variable universal life insurance - both give you access to direct investment in the stock market.

Indexed universal life insurance - earns interest based on stock indexes like the S&P 500.

While the premiums you pay for whole life and term policies are typically set from the beginning, these other options often have varying costs depending on the performance of your cash-value account and the type of coverage you buy. That can lead to great savings or to unexpected expenses.

Question 4: Will I need to See a Doctor?

No. Many life insurance buyers can skip the doctor and secure their policy within 48 hours.

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A 2021 Insurance Barometer study says that 
56% oF BLACK AMERICANS have now purchased life insurance policies, which is the highest rate among all racial groups.

NOW IS THE TIME TO ACT SELFLESSLY AND RESPONSIBLY. It’s time to plan ahead and cover your backside. There are relatively low-cost ways (as low as $30 per month) to smartly structure in a smart path of family protection and wealth. Prosperity in the future has to be structured right today. 

FREQUENTLY ASKED QUESTIONS

Its 2021 Barometer Study says that 56% OF BLACK AMERICANS have now purchased life insurance policies, which is the highest rate among all racial groups.

NOW IS THE TIME TO ACT SELFLESSLY AND RESPONSIBLY. It’s time to plan ahead and cover your backside. There are relatively low-cost ways (as low as $30 per month) to smartly structure in a smart path of family protection and wealth. Prosperity in the future has to be structured right, today. 

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