The Life Insurance Chat We All Need to Have
Happy Wednesday, my loves!
I hope your day has been great! And if not, don’t worry just try again tomorrow, okay? Can you believe it’s fricking February 2025? Neither can I, to be honest! But anyway, let’s get into it.
This morning, while running errands before starting work (I ran out of cheese... absolute crisis in our house, haha!), I had the most unexpected conversation with my neighbour that got me thinking about life insurance. A topic that, honestly, we don’t talk about enough.
So, there I was, minding my business in the dairy aisle, when my neighbour stopped me for a quick chat. Nothing out of the ordinary until she casually mentioned she was sorting out her life insurance. (She’s 42, by the way.)
At first, I was like, “Why is this my business, woman?” Haha! But then she said, “If I kick the bucket, I know my kids are fine.” And that made me pause. Like, wait a damn minute!
Do we actually have this sorted? Like, really? And when I say we, I mean the Black community because, sadly, statistics show we don’t prioritise life insurance as much as other groups. This was my first thought about my race and I know you’re probably thinking, Wow, that’s random, but hear me out. I ended up Googling it, and the stats confirmed what I suspected…
And yes, I do worry about my race as a whole. If we’re being honest, our history hasn’t been the kindest, and because of that, we’re still playing catch-up in certain areas especially when it comes to things like this. There are so many people in our community who simply don’t have the knowledge, aren’t aware, or even feel embarrassed to ask about it because they don’t want to be judged.
Now, I’m not saying this applies to all of us in the Black community, but I am saying that it’s our duty to share and sprinkle knowledge where we can. And even if it reaches just one person, that’s still better than nobody, right?
Now, I definitely have life insurance, but this conversation made me realise how little we discuss it. So, let’s talk about why it’s so important and why, if you haven’t sorted yours yet, you should make it a priority just like your Netflix bill!
What Exactly is Life Insurance?
In plain terms, life insurance is a contract between you and an insurance provider. You pay them a premium (monthly or yearly), and in return, they promise to provide financial support to your loved ones (aka beneficiaries) after you pass away.
Now, me personally? I don’t trust anyone’s words, I go off actions! But I digress. And yeah, I get it, who actually wants to talk about death? I sure don’t. But guess what, pork chop? NONE of us are making it out alive!
Anyway let me be serious! There are two main types:
- Term Life Insurance – Coverage for a set number of years (e.g., 10, 20, or 30 years). If something happens during that period, your family gets the pay-out.
- Whole Life Insurance – Coverage for your entire life and typically comes with an investment element, so you can build up cash value over time.
Why does it matter? Because it takes care of the ones you love whether that’s covering funeral costs, paying off debts, or simply making sure they can stay financially stable when you're not there to help.
Here’s The Problem
Studies consistently show that Black families are underinsured compared to other racial and ethnic groups. Research by LIMRA found that while about 70% of white households have life insurance, only 56% of Black households do and often for smaller coverage amounts.
Why?
- Mistrust in the insurance industry – Many of us have experienced (or heard of) institutional discrimination, making us sceptical.
- Lack of education on the topic – Financial literacy gaps mean some of us don’t know the benefits of life insurance or believe it’s more expensive than it actually is.
- Day-to-day financial priorities – We may be more focused on immediate needs, like housing and bills, rather than planning for the long-term.
Here’s the kicker: life insurance can be affordable. There are options for nearly every budget. You don’t have to break the bank to secure peace of mind for your family.
Benefits Beyond “What If”
Now, back to what my neighbour said…
While she was talking, something else hit me hard. Like that scene from Empire where Cookie slapped Lucious’s ex-wife (I can’t remember her name either, but you know the one!).
She mentioned getting pay-outs while alive. That’s a thing?!
Some whole life insurance policies actually let you borrow against your cash value or use it for emergencies. Imagine having a safety net before something tragic happens.
Plus, there’s something powerful about knowing your loved ones won’t have to scramble to cover things like funeral expenses (which, by the way, average around £3,953 in the UK) or mortgage payments. It’s absolutely diabolical if you ask me!
Let’s Normalise The Conversation
Here’s my takeaway: Life insurance isn’t just about what happens after we’re gone—it’s an act of love and preparation for the people we care about. But we can only see those benefits if we take the steps to prioritise it.
If you don’t know where to start, consider:
- Comparing quotes online from trusted insurers.
- Asking your employer if they offer group life insurance benefits (many jobs do!).
- Sitting with a financial advisor to see what works best for your budget and goals.
Let’s normalise discussing life insurance within our communities. It’s not morbid—it’s mature and responsible.
With That Being Said…
I know this isn’t my usual out there posts, but it’s an important one. Taking care of the people you love, even when you’re no longer here, is the ultimate legacy.
Do you have life insurance? If so, how did you get started? Maybe it will help someone else. And if you don’t, why haven’t you got yours? No judgement! I’d love to hear your thoughts.
Until next time, stay blessed and secure your future, loves! Ciao.
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