Life insurance and the Black British community

Key findings from my survey

· 72% of participants had no life insurance policy, 28% did.
· Those that don’t have a policy: 60% were women, 40% men.
· Those that have a policy: 75% were men, 25% were women.
· Those that have a policy: 70% purchased life insurance through work, 30% bought it via personal means.

Myths debunked

o Only old people buy life insurance policy: A lot of young people have life insurance policies, admittedly because it is provided as part of their work benefits.

What should I think about when discussing life insurance with my parents?

· Have your parents paid off their mortgage yet?
· Are there any outstanding debts or loans?
· What assets, including property and savings, do they have?
· Is one parent financially dependent on the other?

The ball is in your court, but here is my 2 pence.

Can I take out an insurance policy on my parents? In most cases, the answer is no. You have to prove insurable interest (which means that there is a direct financial loss to you if the worst were to happen). Examples include: your parents owe you a sizeable amount of money, you and your parents are jointly responsible for repayment of a mortgage/debt.

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Ade Akindele

Ade Akindele

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