December 9, 2022

This Black Life Insurance Platform Is Helping Families Grow Generational Wealth

Sam Ayeni is the entrepreneur behind afriKare Life, a Black-owned company providing life insurance and financial solutions to the African diaspora and POC across America. 

Africare Life, whichSam Ayeni co-founded alongside his partners Maureen Marcus and Andrew Fyneboy, has quickly grown to become an innovative and modern life insurance platform that helps uplift individuals, families, and different tribes in the “land of opportunity.” 

Black Americans are buying more life insurance

Black people are buying life insurance packages at higher rates than other racial groups. The 2021 LIMRA Barometer study found that 56% of Black Americans purchased life insurance in the last year, compared to 52% of the general US population.

The study found that contributing factors included concerns about COVID-19 as well as leaving their families in a difficult financial situation.

Despite this, 20 million adults report needing (or needing more) life insurance coverage, so Black entrepreneurs are stepping up to launch accessible life insurance platforms to provide the community with the support and backing they need. 

afriKare Life

afriKare Life’s work is tailored to achieving that mission. The company connects with its clients through personalized financial products, education, and a tailored life insurance plan. Recently, the company has expanded into finance, offering practical financial solutions to different people depending on their situation and income. 

“The best part with the premium financing product we offer is that there is no credit check, no loan documents, no personal guarantees, and no interest payments,” said Ayeni. 

The life insurance platform’s goal is to debunk the myths that still exist within the Black community. For example, many still accuse life insurance policies of being too expensive or “designed to deprive the Black community of generational wealth,” which is the completely wrong perspective to have. 

“Through afriKare Life, we aim to equip all our fellow Africans, and people of color in America with that knowledge and tools to ensure their families are safe from financial struggles should anything happen to them,” Ayeni added. 

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.