Can life insurance bridge the racial wealth gap?
In 1957, Cirilo McSween made history as New York Life’s first Black insurance agent. He carved a path for countless others to follow.
Fast forward to today. Eugene Mitchell was corporate vice president and African American market manager at New York Life.
He stands at the forefront of a groundbreaking initiative. He developed the so called $50 Billion Community Empowerment Plan.
With this plan, Mitchell sought to accumulate $50 billion of in-force life insurance within the African American community.
The vision behind it was materialized already in 2017, only six years after the plan’s inception. It was then when Mitchell and his team successfully crossed the $50 billion mark.
Crossing the $50 billion line marked a transformative moment in the quest for economic empowerment and creation of generational wealth.
The $50 billion protects 200,000 families with $250,000 of life insurance. The empowerment plan has already served multiple Black families and individuals.
How can the narrative surrounding life insurance change?
Mitchell’s personal journey catalyzed his commitment to address economic disparities within the Black community.
It started when he pondered the systemic issues contributing to the overrepresentation of Black and Brown individuals as he worked in a Florda correctional facility.
When his insights crystallized, it became his belief that economic empowerment could be the key to breaking the cycle of poverty and incarceration.
As Mitchell started his career at New York Life, there was almost no outreach to African Americans.
He therefore created an African American market within New York Life’s cultural marketing group.
One of the main issues was that he needed to challenge the prevailing belief that African Americans primarily view life insurance as a means to cover burial expenses.
Mitchell then changed the narrative surrounding life insurance. His vision transcended immediate financial needs.
The new narrative emphasized life insurance as a versatile tool capable of creating wealth, protecting income, and establishing a lasting legacy.
The next step is to use life insurance as a tool to create generational wealth.
Can life insurance create generational wealth?
Mitchell now has his own consulting business, called E. Mitchell Enterprises. However, his dedication to creating generational wealth endures.
The $50 Billion Plan has already exceeded its initial goal. It has paid out over $1 billion in death claims since 2011. It underscores the tangible impact on Black families.
Mitchell’s ambitions for the next decade are lofty. He envisions $1 trillion of coverage in force within the Black community.
He challenges the industry to recognize the potential of life insurance as a dynamic tool for lasting financial impact.
The unfolding story of Mitchell’s work suggests that the narrative around life insurance can shift.
Even though it might take some time, it is on its way from being perceived as a mere expense to becoming a builder of generational wealth within the African American community.