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Sunday, January 29, 2023

Black Men, Listen. We Need Life Insurance.

“If you died –or, were killed- today, what would happen to your family and your business?”

By A. L. Johnson with Kareem Jackson

“Here We Are Again’, said Bakari Sellers, a lawyer and former South Carolina state representative. ‘Too many people this is just another Black body, but to us, it’s a brother, a father, a nephew, a loved one.’ Police Killings Loom Over Andrew Brown Funeral…Mr. Brown’s family was joined by relatives of other Black people killed by the police, including George Floyd and Daunte Wright.” -The New York Times, Will Wright

Read the full article: NYTimes.com/2021/05/03/us/andrew-brown-funeral.html

“Being a black man in America is high-risk…Just as with smoking, poor food quality, mental health, or pre-existing conditions, being a black man, in the United States, comes with inherent risks. If you are a black man in America, and you are a family man, and/or an entrepreneur, or the breadwinner in your family, a Life Insurance Policy needs to be a part of your cost-of-living expenses.  Just paying into the funeral home, is not enough, and can possibly be redundant if you have the right policy. Also, if you’re an entrepreneur, you should consider policies on your partners, key employees, and long-term hires as it protects your company from loss, has tax advantages, and beneficiary control, and gives you cash to help with their family’s needs and protects their families too. Just saying.” –Kareem Jackson, CEO of KA&CO International (a black-American-owned, business, community, and tech development firm, with offices in the US and Asia, celebrating 23-award-winning-years, proudly offshored in Asia in 2010 due to the high risks, redlining, overhead costs, and racism in the USA.)

Why Life Insurance Is So Important –especially if you are an entrepreneur.

  1. Life Insurance provides financial protection for the family that is left behind when a person passes away.
  2. Life insurance can be used to pay for a funeral, pay off any remaining debt of the deceased, provide continued income for the remaining family, or leave an inheritance.
  3. Life Insurance can fund buyouts, pay for legal fees, and pay the salaries of employees of the deceased if they are an entrepreneur.

If you have family, loved ones, employees (and their families), stakeholders, and debtors that depend on your income for their survival or livelihoods, then life insurance is a very important consideration for you.

Ask yourself this question.

“If my life were to end today…would my family and/or employees, be able to pay for my funeral and continue their lives as they are right now without my income?”

For many people, without insurance, the answer is a definite NO.

When you pass away your income stops coming into the family; but, the bills keep coming.

In addition, there is the added cost…

Your medical bills (if they tried to save your life or had an ambulance to pick you up),

  • Police Reports,
  • Attorney Fees (especially if a wrongful-death)
  • Obituaries and Newspapers,
  • Tax Filings,
  • Travel Expenses,
  • Time Off (from their work),
  • Tuition Payments,
  • Funeral Expenses,
  • Catering,
  • Cash Gratuity Payments,
  • Car Payments,
  • Dry Cleaning (they know, you wanted to be in your favorite suit), and
  • Personal Bills or Obligations (you currently have that they may not know about).

From as little as $100 a month, the proper Life Insurance Policy prevents your family from having a financial crisis because of your passing.

The Numbers.

Recent studies show that a little over 60% of Americans have less than ONE thousand dollars set aside for emergencies.

This should make the need for insurance coverage very clear. By paying a small amount each month to the insurance company one can ensure that they never have emergencies that require lump sums of money. Most people either don’t have that much money or would have to make a poor financial decision to get it(credit card debt, dipping into retirement savings, etc). It is much easier to budget for a small, predictable monthly payment than it is to come up with a lump sum all of a sudden. It’s all about risk management. Without insurance coverage, you are always running the risk of being put on the hook for thousands of dollars without notice.

Of all the forms of insurance, there is only one that is guaranteed to be used one day and that is life insurance. Some people go through life without ever being in a car accident, having a house fire, or suffering a major injury. Although they are very important to have “other” insurance policies could potentially go unused.

Life insurance is the strongest guarantee of all because it deals with our inherent and inescapable fate. Even though we know this to be true; life insurance is still the policy that people procrastinate on the most.

Many people say that their reason for delaying the purchase of life insurance is that they simply don’t understand it. In our community, it is unfortunate that we have not been properly educated on all of the benefits that life insurance can offer.

According to LIMRA (Life Insurance Market Research Association) 67% of people that do own life insurance do not have enough coverage to meet their needs.

This disparity in the amount of coverage that is needed versus what is actually purchased is due to the misconception that life insurance is mostly just to pay for funerals. Nothing could be further from the truth.

Life insurance can take care of many considerations.

All of these considerations need to be taken into account when determining the amount of coverage that you need to adequately meet the needs of your family.

Here are some of the most common uses for life insurance for an individual. While entrepreneurs usually customize policies and include capital for payroll for a designated amount of time, these are the most common personal uses required:

  • Paying for a funeral
  • Paying off a mortgage
  • Replacing income
  • Leaving an inheritance
  • Covering estate taxes
  • Buying out interest in a business
  • Paying leftover debt so creditors don’t go after the estate
  • College funding

By totaling the sum of your needs in these areas you will have a good idea of how much life insurance you should consider applying for.

Another great formula is simply taking your Gross Annual Salary, doubling that for any funeral cost, tripling that for an additional year of bills, and then, multiplying x10 for inheritance.

For more information, to talk about life insurance made simple, or to secure your life insurance policy today, click the link or visit:

Andrew Johnson
Office: 1-866-44-JOHNSON
Cell: 1-913-279-1463
Email: Andrew@ALJohnsonGroup.com
Website: ALJohnsonGroup.com

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