A Possible Triumph Over Covid-19
A Possible Triumph Over the Covid-19 Tragedy for the Black Community
By Eugene Mitchell, PMC-LLC Coach
This is a call to action for my fellow Black financial advisors, insurance agents, activists, and advocates.
At this unprecedented time, we need to band together and work to properly protect the futures and finances of our families and our communities at large. That protection should not just extend to this current Covid-19 crisis, but also for the next pandemic, financial crisis, or economic downturn to come. I’m talking about using life insurance as a tool for wealth building and legacy creation.
Based on my 20 years in the life insurance and financial services industry, I believe that everyone in the Black community MUST have a foundational protection plan in place for themselves and their families – particularly for times like this. At the very least, they must CONSIDER BUYING A BASIC LIFE INSURANCE POLICY, and not a burial policy that only covers the funeral costs like so many of us have been steered toward before.
Allowing us to leave something of significance for our children and their children - “generational wealth” that can be used to make a true difference and bring about community transformation. And at this time, no matter which company you choose, it can be relatively inexpensive to get a term (e.g., 10-year, 20-year, 30-year) policy in place… say $50-a-month for $½ million, or $100-a-month for a $1 million.
Just think about the number of Black people who have passed away under the Covid pandemic thus far. If those 73,000 individuals each had $250,000 of life insurance coverage, that would have been $18.25 BILLION created for their families. If 73,000 had had $1 million in coverage, that would have been $73 billion created. We are talking about the influx of billions of dollars for Black people, Black families, and Black communities.
What I am talking about isn’t akin to profiting off of tragedy… it’s about us being positioned and prepared to survive and thrive in spite of the inevitable tragedies of life that come our way.
I encourage every agent and advisor, who hasn’t already done so, to act now to make sure every one of your prospects and clients acquires life insurance and, for those who already have coverage, ensure that their coverage is adequate for their family. These individuals must understand that the time to do this isn’t once they become ill. For many, a previous diagnosis of Covid, just like other preexisting medical conditions, may make them uninsurable in the future. Looking for insurance coverage after they are sick or have been sick, is like looking for a parachute after they have left the plane.
Let's move beyond speaking of tragedy alone, to include some form of triumph over that tragedy for those left behind.
Join me on this mission and in this movement to ensure economic empowerment for our communities.
