Life insurance is a contract between a life insurance company and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid
by the policyholder during their lifetime.

Facts

· 75% of African Americans overestimate the cost of life insurance.·
Black life insurance owners have one-third the amount of coverage
that white life insurance owners have.
· 37% of black life insurance owners intend to leave a legacy with their life insurance.
· 37% of African Americans report getting life insurance to protect loved ones from unpaid debts, compared to 64% of whites.

· 46% of African Americans say they need more life insurance, showing a major
coverage gap of 20 million people.

· 30% of black Americans are looking for a financial advisor to talk about insurance, much higher than the national average

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