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.

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).

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 Universal life insurance is a type of permanent life insurance coverage, offering both a death benefit and a cash value component. The policy will remain in effect for the lifetime of the insured individual, as long as the premiums are paid on time. There are three types of coverage: indexed universal life, variable universal life, and guaranteed universal life.

Policyholders can have flexible premiums or change their death benefit amount, which differs from other types of permanent life insurance policies. Plus, the cash value component offers potential to earn more interest – however, on the flip side, the value can go down over time.

More specifically, the cash value component earns interest based on a money market rate of interest or, for some types of universal policies, a rate that’s tied to a market index. Whatever you earn will increase your investment value, helping you pay your premium. Lowering your monthly payments can be useful if your financial situation changes.

Keep in mind that doing so will eat up your cash value – if there isn’t enough, you will need to make up the difference or your policy will lapse.

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