Insurance can literally change the fortunes of Black people, something Ashley Jackson knows well. Jackson is the Founder of Funeral Advocates of America, an independent agency that specializes in assisting families with end of life planning. But insurance isn’t just for burying loved ones: Master P’s fortune can be traced back to an insurance settlement check he benefited from. For entrepreneurs, an unexpected injury or disability will essentially force their business to close, unless they happen to have business overhead insurance: it covers your business overhead, insurance, payroll and other expenses, during such an emergency. This is the type of game Black entrepreneurs will receive tonight at our virtual event, No More Talk: Our Businesses, Our People, Our Responsibility. If you’ve yet to register, click here to do so now.
The virtual event tonight will help position entrepreneurs to win. It will also help others see different opportunities, during a time in which they might need a fresh start. Jackson’s Funeral Advocates of America offers Black entrepreneurs an opportunity to serve their community at the most difficult of times, while making a good living. The funeral industry generates up to $11 billion in revenue each year. That massive figure stems from the simple and uncomfortable fact that we will all die someday. When a loved one passes, we focus on celebrating their lives and that is appropriate. We should also understand that, for those of us who remain, life will go on and our decisions today will shape how we live it. Debt, scarcity and hopelessness need not be the realities we live with, when facing death.
Many families struggle to bury their loved ones. On the most basic level, Pre-Need Insurance or Pre-Paid Funeral Insurance answers that. Pre-Need Insurance is a life insurance policy purchased to cover funeral costs. The policy is purchased from the funeral home of your choice, and they are designated the beneficiary of the policy. Final Expense Insurance or “burial” or “funeral” insurance is a life insurance policy with a low face value, typically in the $5,000 to $30,000 range. Unlike Pre-Need Insurance, it’s purchased directly from the insurance company and you’re able to name anyone as the beneficiary. These two products alone can spare families a great deal of heartache but life insurance can actually push families to the next level: Master P’s story is far more common in other communities, it’s time Black people educate ourselves on how these products can work for us.
Insurance is a powerful tool and Jackson is working hard to help Black families understand it. Not only can it help families at the end of life, it can also create a launching pad for the next generation. Through her company, Jackson is helping to educate families on these products and also creating opportunities for individuals to make six-figure incomes. Jackson, through her agency, has created a powerful avenue for Black people to care for their families and in doing so, recycle millions back into their community. Black people are fighting battles on several fronts but doing so with one hand tied behind their backs. Simple solutions, like insurance coverage, can create instant opportunities for families and help recycle billions in our community.
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