Starting A New Legacy
New York Life is committed to creating $50 billion of wealth in the African American community. The strength of our $50 Billion Empowerment Plan lies in dispelling myths about life insurance; showing African Americans how other cultures use life insurance to protect income and to build multigenerational wealth; and challenging African Americans to be wealth creators, instead of wealth spenders.
The Case for Life Insurance
One of the biggest misconceptions about life insurance, particularly in the African American community, is "I only need enough coverage to bury me."
But life insurance is a tax-efficient financial tool that other cultures have long used to protect human capital or future income; to accumulate a tax-deferred cash reserve to borrow from*; and to potentially build multigenerational wealth.
Protecting human capital is perhaps one of the most compelling reasons to purchase life insurance. Human capital is the value of your expected future earnings, so a 30-year-old who earns $50,000 annually and intends to work until age 60 would calculate his or her human capital to be approximately $1,500,000, without raises and bonuses. In this scenario a prudent insurance plan should include a minimum of $1,500,000 of coverage so that dependents and loved ones can maintain their standard of living and achieve lifelong dreams, even if the breadwinner were to die unexpectedly. But many, especially in the African American community, will only purchase enough life insurance to pay for burial expenses, forcing their loved ones to make tough financial decisions while grieving.
Wealth Creators vs. Wealth Spenders
Despite having a purchasing power of nearly $1 trillion, the African American community is risk adverse and saddled with debt, generally speaking. Compared to other cultural markets, African Americans lag in entrepreneurship and land ownership. Our community has come to thrive on the instant gratification associated with spending its wealth, and seems to have dismissed the long-term benefits of collectively creating wealth--better early education, higher college graduation rates, more business and home ownership, larger endowments for our churches and institutions of higher learning.
A Better Tomorrow...Our $50 Billion Pledge
The African American community is worth more than it realizes. It is time to begin protecting human capital, building multigenerational wealth and changing the financial landscape for future generations. New York Life’s 850 African American agents have pledged to help empower the communities they serve by raising awareness about the value of insurance planning and the importance of creating legacies (gifts of money, property or family businesses) for our children.
To help create $50 billion of generally tax-free wealth for future delivery in the African American community, our agents have committed to touching the lives of 200,000 families and showing them how purchasing at least $250,000 of life insurance today will empower future generations:
200,000 (policies) X $250,000 (death benefit) = $50 billion (future income)
Take Action Today
If you are ready to take charge of your family’s financial well-being CONTACT US today!
*via policy loans. Loans accrue interest and reduce the death benefit and cash value by the amount of the outstanding loan and interest. (SMRU #448681 Exp. 6/10/13)
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