It’s no secret that white-owned businesses dominate the life insurance industry. Research shows Black Americans are almost twice as likely as whites to be uninsured. This is due, in part, to the historical exclusion of Black Americans from the mainstream life insurance market. However, statistics show 56% of black Americans have life insurance.
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This implies that, despite the racial wealth gap, Black people are taking steps to protect their lives and their families’ lives. When it comes to life insurance, you must find a company you can trust because not all insurance companies are the same.
That’s why we have put together a list of seven dependable black-owned life insurance companies you can trust with your life. These companies have a long history of offering their clients high-quality life insurance coverage. African American insurance companies will understand the needs of black people.
Insurance companies founded by African Americans date back to 1787 during the Free African Society in Philadelphia. It was until the nineteenth and twentieth century that these firms were established during the rise of American apartheid.
So, if you’re looking for quality life insurance from a company you can trust, check out these seven black-owned life insurance companies today.
Here are the Best Black-Owned Life Insurance Companies in the States
- North Carolina Mutual Life Insurance Company
- Booker T Washington Insurance Company, Inc
- Williams-Progressive Life Insurance Co.
- Golden State Mutual Life Insurance Company
- Bay Street Capital Holdings
- Atlanta Life Insurance Company
- Golden Circle Life Insurance Company
North Carolina Mutual Life Insurance Company
John Merrick, a black entrepreneur, founded the North Carolina Mutual Life Insurance Company in 1898. John was a slave child be later became an entrepreneur. The NCMLIC was the first Black-owned insurance company in the state and the largest in the nation at the time, serving segregated communities in NC with the intent to provide individuals and families with life insurance, health insurance, annuities, and disability insurance services.
It now has over 200,000 individual policyholders and over 250,000 people covered by its group policies across the country. This company pioneered the black wall street.
Williams-Progressive Life & Accident Insurance Co.
Since 1937, the Black-owned Williams-Progressive Life & Accident Insurance Co. has been committed to offering residents of Baton Rouge, Louisiana, high-quality insurance services.
The Williams-Progressive Life Insurance Co., headed by CEO Peter B. Lewis, provides insurance services for life, health insurance, and business liabilities.
Golden State Mutual Life Insurance Company
The Golden State Mutual Life Insurance Company was once one of the largest black-owned life insurance companies in the western United States. It was established in 1925 by William Nickerson Jr. and Norman J. Houston to provide underserved African-American communities with access to employment and insurance coverage.
However, due to economic decline, the IA American Life Insurance Company took over the company in 2009. Some of the services offered by IA American Life Insurance Company include life insurance, accident, and supplemental health insurance.
Booker T. Washington Insurance Company, Inc
The Booker T. Washington Insurance Company, Inc. was founded in 1923 by Dr. A.G. Gaston and then incorporated in 1931.
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Booker T. Washington Insurance Company Inc. offers life insurance, health coverage, and black business accidents.
Bay Street Capital Holdings
Bay Street Capital Holdings is a black-owned life insurance company founded by William Houston, one of the top 100 financial advisors for 2022.
The firm provides independent investment advisory, wealth management, and life insurance services.
Atlanta Life Insurance Company
Atlanta Life Insurance Company is one of the country’s oldest Black-owned life insurance companies. The founder, Alonzo Franklin Herndon, was born into slavery, started with a barbershop, and became Georgia’s first black millionaire.
The Initiative for Atlanta Life Insurance Company came after Alonso’s barber shop was vandalized in the 1905 race riots in Atlanta.
It is over 100 years old and still offers its original services, such as life insurance, commercial insurance, and personal and group insurance.
Golden Circle Life Insurance Company
The Golden Circle Life Insurance Company is an independent black-owned life insurance company founded by the descendants of serial entrepreneur Charles Allen Rawls in 2001.
The family-owned company has been creating and managing businesses since 1950. They provide life insurance services and have provided insurance coverage for over 12000 families in the state of Tennessee alone.
Black insurers bridged the gap brought by difficulty in integration for African Americans. They started by offering benevolent societies meant to offer dignity during the burial of black people and other people of colour. They simply were a burial insurance.
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