Our communities: The Financial Devastation

Blackpeoplecrying

This past week has been extremely stressful in the black communities, not to mention the past year alone.  The Washington Post states that there were 986 related police shootings in 2015 . The Huffington Post states that in 2016 there were a total of 136 Black men killed by police. In the same year, there was a massacre of crimes against the LGBT community . The deadliest mass shooting in 2016 with 50 people killed at a night club in Florida.  Let’s not forget about the 9 African Americans who were killed as a result of hate crime and the 14 victims who were killed in San Bernardino.

Just this week, 5 police officers were killed as a result of retaliation in Texas . I can go on and on about the fatalities between police shootings, hate crimes that involves death and lastly, all the deadly shootings against black men killing one another (gang infestation) from various states like Detroit, Chicago,& Los Angeles just to name a few. I am not able to keep up with the tally but the numbers are large.

Watching the many  videos in the past year of black men being killed has truly torn my heart, mainly because I have a Black son, brother, father and many friends who I love dearly.  But what all these deaths have in common is they were untimely; gone before their time.  As I have mentioned before in my other articles, families are left Double Devastated as a result of not only losing their loved one but also having to face the financial devastation of not having the income to replace as a result of passing away.

Thinking about the trickle down effect of losing a loved one can wave through the family for many years to come: Leaving behind husbands, wives and children to fend for themselves financially in an already strained economy.   None of us ever want to think about losing a loved one, yet as we can clearly see, devastation can come at any given moment.

About two weeks ago, I had the chance to revisit the Museum of Tolerance  (http://www.museumoftolerance.com/site/) which is a wonderful museum that focuses on all hate from the Civil Rights movement to the Holocaust. So many various lives lost over the course of 40+years and we would think our country would evolve, yet with the scarcity of jobs and lack of education (which is what Martin Luther King Jr., was fighting for back in the Civil Rights era), it is challenging for our men  to thrive in this economical drought. One of the things the narrator pointed out is that we must pay attention to our history since it has a way of repeating itself (sic).

Yes we must protest for our rights and work to right so many wrongs in our community but let’s also have the conversation about ensuring families are protected by being PRO-active rather than REactive which means, don’t leave anything to chance, ensure your family is protected with Life Insurance.

Many say they cannot afford it, but truly no one can afford not to have it .  Unless you have thousands of dollars to give away, I would strongly suggest budgeting for that $50-$100 payments (depends on age and health) per month rather than having  to come up with $10K-$15K to bury a loved one. In many of the cases named above, families had to create GoFundMe accounts to bury their loved ones.

Also, the purpose of life insurance is to restore the family back to the state of living prior to the loss of a loved one.  That income is no longer available and the beneficiary cannot depend on work life insurance (which is really called a certificate of insurance) does not pay out in a timely manner or may not pay the full amount of insurance depending on the company’s agreement with the life insurance company (e.g. Employee would have to die on the premises or work a certain amount of hours in a week for the work policy to pay out).

At the end of the day, we have to ensure families left behind are properly protected.  I pray for all the victim’s families who have suffered as a result of losing a loved one.  I pray for their strength and financial restoration because no one left behind should have to deal with mourning a loved one and also worrying about money.

I am in a business where I get the opportunity to assist families, but how do I convince those who have the option of buying life insurance know that they need life insurance?

I ask that you forward this article to all your loved ones and let’s start a movement to not only stand up for our Civil Rights but ensuring that we are all financially protected as well.

Maxine Sinclair

e-mail me at mizzmax66@gmail.com

References:

https://www.washingtonpost.com/national/final-tally-police-shot-and-killed-984-people-in-2015/2016/01/05/3ec7a404-b3c5-11e5-ia76a-0b5145e8679a_story.html

http://www.huffingtonpost.com/entry/black-people-killed-by-police-america_us_577da633e4b0c590f7e7fb17

https://76crimes.com/100s-die-in-homophobic-anti-gay-attacks-statistics-updates/

http://www.usatoday.com/story/news/nation/2015/06/17/charleston-south-carolina-shooting/28902017/

http://www.nytimes.com/2016/07/09/us/dallas-police-shooting.html?_r=0

http://(http://www.latimes.com/local/lanow/la-me-ln-san-bernardino-shooting-victims-htmlstory.html Continue reading “Our communities: The Financial Devastation”

4 Things you may not know about Life Insurance

 

family

I can’t believe it’s almost April!  It’s been a while since I wrote a blog. My main purpose today is reaching out to everyone and ensuring that you and your family are okay and also ensure that your friends and family are okay as well.  What does that mean?  It means that many people say they don’t know anyone who either may need coverage or also have a professional look at their current life insurance policies (No obligation of course). If you are in the right vehicle, I will be very honest with you.  The only thing I have to gain is that you gave me the opportunity to meet and I can sleep knowing my clients are taken care of.

But my real question is, if you were having a birthday party for your children, who would you invite?  And are those people not considered your close friends and family?  I can honestly tell you that being a Life Insurance Representative is not the easiest job, but it is absolutely the most rewarding because I get to help families be protected and also help to avoid double devastation: 1) for the loss of of the loved one and 2) Helping to avoid financial devastation to the living spouse/children and family.

Listen as a  Life Insurance agent, I receive training on a weekly basis to ensure that I provide my clients with the best, updated and accurate information.  Sometimes we don’t know what we don’t know, however I would really like to hear from you if only to have a conversation. I’ve had people avoid me, walk away from me and even say the topic is depressing, and yes I totally understand, even thinking they cannot afford it.  But I am hear to tell you that you can’t afford NOT to have it.

But let me move on from that topic and jump into something I’ve heard people say over the past year.  What I am providing you are actual facts,  please let me help you understand a few misconceptions about life insurance:

(1) I don’t need a pre-need (insurance for burial).  My life insurance will cover ALL the costs.

Life Insurance may cover your Mortuary cost, but definitely not your burial cost.  Depending on the mortuary, they may consider taking the cost out of the face value and your family will receive the remaining benefits. I would strongly suggest checking around first and not leave your family the burden of having to deal with this issue.  You can just call on the phone to find out if necessary.

(2My policy is worth $50,000.00 (whole life) and I’ve had it for over  30 years, my family will be okay.

If you are taking out loans on your whole life policy and not paying it back, or if you are not able to make monthly payments on your premium and the insurance says “it’s okay”, then please know that the insurance company WILL deduct any due amounts out of the FACE Value of the policy.  An example of this issue is a Husband who had 18 policies, only to learn upon death ALL of the policies combined were only worth $2,500.00 total, not enough to cover his burial expense.

(3) My Mom has a life insurance policy on me…I don’t  need coverage

Understand that once a child turns age 26, they are no longer covered under the parent’s life insurance policy.  It is the parent’s responsibility to call the insurance company to let them know that a new policy must be purchased in order to continue coverage.  Some Life Insurance companies still bill the parents even though the coverage has expired!  This is the type of information that many people may not know or  understand and this is just the tip of the iceberg!
(4) I have a policy at my job…I’m good!

What you actually have at work is called a “Certificate of Insurance” and not a life insurance policy.  Depending on where you work, the policy may not pay out to your family. For example:  At some companies, you have to die on the premises to receive the death benefits, other companies, you have to work a certain amount of hours.  Lastly, the companies rarely, if at all give employees a copy of Certificate to review the fine print.  I am not saying to cancel your work policy, you should absolutely keep it, but everyone should have a separate policy outside of the work insurance policy.

I thank you so much for taking the time to read this article. Although it is not a popular topic, it is absolutely a necessary one.  If you have questions, please do not hesitate to call me at (213) 923-1084. I would like to here from you.

Until the next time!

Maxine Sinclair

 




What does protecting your children mean to you?

black-mom

I am a Mom and yes I truly do love my children and you would absolutely say the same thing about your children as well, yet why is it that more minority parents don’t ensure that their children will be protected financially in the event something happens? Could this be one of your reasons?

  1. Can’t afford it 
  2. Have other financial priorities
  3. Has work insurance
  4. Don’t have time
  5. Don’t like to think about death

Did I describe one of your reasons above as to why you won’t get life insurance? Mom, let me help you make it easy for you.  I think you would be amazed at how inexpensive life insurance is.  Because I am a mother, I can relate and want to help, this is not about selling you something, it’s about ensuring your family is protected.

Don’t be a Gofundme or fish fry parent leaving your family devastated at not just the thought of losing you, but also trying to find money for other expenses.  I am an expert at sitting and understanding parents needs.  Yes, I know money is tight, but guess what?  Coming up with just over a dollar a day is a lot cheaper than having to come up with thousands of dollars.

I will make this easy and can schedule an appointment to come to your home, I have a very flexible schedule so you are not inconveniencing me.  Helping families is my calling and I won’t hide anything from you that I think will harm you or your family. Did you know that 42% of people do not have life insurance? That’s almost half of the U.S http://www.bankrate.com/finance/insurance/money-pulse-0715.aspx

If you would like more information on how to obtain life insurance, please call me at (213) 923-1084.  Even if you want to ask questions, that’s what I’m here for.  I look forward to hearing from you.

Maxine Sinclair

 

 




Sunday Talk: Why are people afraid of purchasing life insurance?

CW funeral fundraiser 1

 No one really likes to talk about this topic, but as a Life Insurance  Representative, I get to see a lot of variations and the thought process of what people think about life insurance and how they handle devastations in their family .

I live in South Los Angeles and I can say that almost every week I see two things:  Families and friends waving large signs with a picture of a deceased loved one asking for donations or someone posting a GoFundme account to raise money for a burial.  Sometimes it’s a picture of a small baby (so sad). This is what I call “Double Devastated”  or (DD).

DD means the families are not only dealing with the loss of a loved one, but are now faced with having to find thousands of dollars to bury them.  Not to mention if there are children involved: Who will be (financially) responsible for them? There is no mercy from the cemetery or mortuary side (these are two separate costs) to make payment arrangements or even write a check.  The rule is that the money must be paid in full at least 48 hours prior to the funeral service (check with your local funeral/mortuary).

Do you remember the recent story of the Mom who created  a Gofundme account and used the remaining proceeds to purchase a car?  (http://nypost.com/2015/11/09/slain-boys-mom-sparks-anger-by-buying-new-car/). Donors were very angry, because the money (I mean every dime) was supposed to be used for covering the funeral expenses.  You see, people do have a heart of Gold, but it comes with stipulations when you are asking for strangers (and even friends & family) for their hard earned money. But guess what? If she had a life insurance policy in place, it wouldn’t have been anyone else’s business what she did with the remaining proceeds and would have been kept a private matter.

There is nothing worse than sitting in a room with family members trying to figure out how to bury a loved one.  I’ve been involved with my own family who faced such devastation because there was no policy in place to ensure that expenses would be covered*.  It doesn’t take away the grievance, but it does help to know that you don’t have to hit the streets begging for money only to raise a few hundred dollars.

I have to admit, before I became a life insurance representative, I had a laid back approach about maintaining coverage for my family.  I always thought, I could get it next year because hey, I will live forever, there is no real rush. But then, before I became an agent, I lost two people in my family (in the same year) and realized we needed to take care of business and quickly.  Life is not promised to us and although we don’t like to think about it, we can’t be selfish and leave that burden on our living family members. It’s just not fair.

Now, some may have access to $10K-$25K of available funds to handle a burial or may even have pre-need burial insurance**.  But what about those who don’t have any type of insurance at all?  Who should actually be purchasing insurance?  Let me explain:

Grab - Facebook Post

So as Suze Orman states, we know that the loss of income for someone we depend on can be quite devastating.  In fact, even with two live incomes, families are barely making it, yet many do not plan in the event if something happens. What will they do to replenish the family to a state of well being or should I say, ensure they can still keep their home, car and raise the children until they are adults?

So the question again is knowing that you have no backup plan for replacement income, why risk your family and not purchase life insurance?  The #1 reason why people don’t buy life insurance is because they think it’s too  expensive. (https://www.lifehappens.org/blog/the-no-1-reason-people-dont-buy-life-insurance/). Yet money is spent to insure our cell phones, paying for cable, buying coffee and even fast food.

Unlike auto and medical insurance, life insurance is not mandatory, but is absolutely necessary! Whoever thought that medical insurance would become mandatory, tied into the government with such stiff penalties? I believe that life insurance is right behind medical because when a loved one dies, the hospitals will go after the family estate to try and retrieve their money. It’s truly no joking matter.

When I sit around the table with a family, I share many stories of how important life insurance is.  For the most part, I am able to close but if for whatever reason they still decide not to move forward, I ask if I can follow up with them because my fear is always, I don’t want anything to happen, and I missed an opportunity to help a family, then my prayer is:  “Lord, please keep this family protected, even if they don’t get anything through me, let them get something, and also ensure that they are purchasing the right type of insurance.” (Bad life insurance is another devastation, will discuss in another blog post).

So now I ask you the question, what are your reasons for not purchasing life insurance (outside being ill)?  Did you have a previous bad experience? Please leave your comment below.

*If you have an life insurance policy (not a work policy) but your own, most mortuaries will take it as a form of payment and will pay the difference to the beneficiary once the charges is paid in full.

**Preneed life insurance is an insurance policy whose benefits cover the cost of the predetermined expenses of a funeral, cremation or burial. The expenses typically include standard funeral home services, funeral merchandise, church services and even burial services and merchandise.