The month of September is special to me because it’s the birth month of our daughter. She is our 2nd out of 3 children. My wife and I work very hard to maintain a standard of living for our family and we are fortunate to be able to live a blessed and growth-minded life. September is also Life Insurance Awareness Month, and it comes at a time when COVID-19 has us all concerned about the health, welfare, and safety of our families and our community. One of the easiest mechanisms we can use for transferring wealth is life insurance.

According to the book PowerNomics by Dr. Claude Anderson, we need to build mechanisms that produce wealth for Black people and their communities. Anderson believes that Blacks need to focus on building a solid economic infrastructure in our community first. He argues that this is more important than politics, religion, education, or any other issue we face. When we have wealth that grows and stays in our communities, we can make a financial impact on these other issues.   

Life insurance is used to transfer wealth and replace a deceased person’s income for their family’s benefit. According to a 2020 report from trade research organization LIMRA and the non-profit organization Life Happens, 84% of people who bought life insurance did so to cover their burial /final expenses. While that reason is the most common, there are other reasons why Black Americans should seriously consider life insurance. Others have chosen life insurance for wealth transfer (66%), income replacement (62%), and to pay off a mortgage (50%). In other words, people use life insurance to build wealth. Think about it: is there enough money in your bank account right now to support your family if something happens to you? Without adequate life insurance coverage, you may be passing down poverty to your loved ones. 

Society makes it normal for us to accept being in debt and in dire straits. It doesn’t have to be this way. We can give our children a financial head start in life, instead of leaving a financial burden behind for our loved ones. How many times have you seen a struggling family raising money on social media to get by when their breadwinner passed unexpectedly? Your child or grandchildren should inherit money, not debt. Your legacy can make a positive contribution to your family and to society as a whole, and all you have to do is plan ahead and make a smart investment of pennies on the dollar.

Speaking of investments, why not attend a Financial Wellness Workshop? In this informative free workshop, we show you all the ways you can build wealth for the future. You don’t need a lot of money to get started.

This month, please take time to evaluate your life insurance plan and have a discussion with loved ones about your financial affairs in the event of your untimely death. Our theme for 2021 is “Life: Get It Covered.” If you have questions about life insurance, please email us at and we can link you to companies that can help you learn how life insurance works and customize it towards your family’s needs. 

Vernon Moore is the Economic Development Chairperson for the West Volusia Branch NAACP. He is also a licensed financial professional. Disclaimer: The NAACP is not an insurance company or financial services company. Any representations, recommendations, or obligations made between a financial or insurance company and its customers do not include the NAACP. The NAACP does not endorse any businesses.