Protect Yourself! What Black Americans Should Insure

by Ashlei Stevens June 18, 2024 A great need in Black communities: the importance of having life insurance. A simple scroll across Facebook, and we’re bound to see one each month: a GoFundMe funeral campaign. These grassroots fundraisers provide emergent relief for families to bury loved ones, but the frequency of such campaigns during a time of immense grief speaks to a greater need in Black communities: the importance of having life insurance. “Life insurance is one of the things where we are chronically underinsured. We’re not having the conversations about what mom, dad, grandma, grandpa have in terms of their policies, but we find out too late that there’s not money available there,” said Omari Aarons-Martin, executive director and chief operating officer for National African American Insurance Association (NAAIA), the oldest and largest organization supporting Black professionals across the insurance industry. “There are situations like getting life insurance policies as soon as you have a child and getting them covered right away.” So, when considering coverage, what should Black Americans insure and why? “Black Americans should utilize insurance to build a robust financial safety net, protecting themselves and their families from unexpected financial hardships and contributing to long-term economic...