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Building Multigenerational Wealth: New York Life’s $50 Billion Promise

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While most cultures use life insurance as a death benefit tool for generating multigenerational wealth, African Americans have generally viewed it as simply a means of covering burial expenses.[1] “It is time to help close the wealth gap by making African-American families aware of the ability to create financial stability, economic opportunity and multigenerational wealth, with life insurance as the foundation,” said Eugene Mitchell, corporate vice president of New York Life Insurance Company’s African- American market.…