Loving Your Future Self: The Life Insurance Wake-Up Call We Can’t Afford to Ignore

A few weeks ago, my phone rang. It was my bonus dad.

His voice was tight with stress as he told me, “My life insurance policy is ending. They’re raising my premium from a hundred and something dollars to nearly $500 a month.”

He was 70 years old, living on a fixed income, and now being told that the coverage he had depended on for years was suddenly becoming unaffordable.

I could hear the frustration in his voice. “I can’t pay that much. But I need insurance. What am I supposed to do?”

And in that moment, my heart broke.

Not just for him, but for so many of our parents, aunties, uncles, and elders who are hitting this same devastating wall. After years of paying into a life insurance policy, they suddenly find themselves aging out of their coverage, forced to either pay outrageous premiums or risk leaving their families with nothing.

This isn’t a conversation we have enough.

And as Black women—many of us responsible for managing our own financial well-being while also showing up for our families—it’s time we start.

Because if we don’t?

We could end up in the exact same situation in 20, 30, or 40 years. Unprotected, unprepared, and out of options.

But we have the power to change that.

Why This Happens: The Silent Crisis of Expiring Life Insurance

Most life insurance policies aren’t built to last a lifetime. Many are term policies, meaning they only cover you for a set number of years—typically 10, 20, or 30 years.

The problem?

If you outlive that term (which is a blessing), your coverage disappears right when you need it most.

At that point, your only options are:
1️⃣ Pay significantly higher premiums to renew coverage at an older age (which most people can’t afford).
2️⃣ Try to qualify for a new policy—but many companies won’t insure you after a certain age or if you have health conditions.
3️⃣ Go without coverage and leave your family to figure things out when you pass.

This is not the kind of reality we want to wake up to at 70 or 75.

Which is why we have to make moves now.

Loving Your Future Self Means Preparing for Her

I don’t want to wake up at 75, looking at my bank account, my policies, my investments, and realizing I didn’t prepare well enough.

I don’t want that for me.
I don’t want that for you.
And I don’t want that for our families.

The greatest act of self-love isn’t just what we do for ourselves today—it’s how we set up the future version of ourselves for peace, security, and options.

So how do we do that?

5 Steps to Protect Your Future (And Avoid the Insurance Trap)

1️⃣ Stop Thinking of Life Insurance as Just “Burial Insurance”

Too often, life insurance is talked about in our community as something we get just to cover funeral expenses.

But wealthy families don’t use life insurance this way.

They use it as a tool to:
✅ Build generational wealth.
✅ Pay off homes, businesses, and debts.
✅ Ensure their children, partners, and loved ones never struggle financially when they’re gone.

We have to start thinking about insurance as a financial strategy, not just a final expense.

The Move:

If you don’t have life insurance, get it now while you’re still young and healthy (policies are much cheaper the earlier you start).
If you only have a small policy meant for burial costs, consider upgrading to a larger whole life or universal life policy that builds cash value.

2️⃣ Choose Policies That Won’t Leave You Hanging at 70

Term life insurance isn’t bad, but it does expire. If you have a 20- or 30-year term policy, that’s great for now—but what happens when it runs out?

Most people don’t realize that permanent life insurance policies (like whole life and indexed universal life) can keep coverage in place for your entire life and allow you to pull from the policy if you need it later.

The Move:

If you have term insurance, look into convertible policies that let you switch to permanent coverage before your term ends.
Consider blending term + whole life insurance to ensure lifelong coverage.
If you’re in your 20s, 30s, or 40s, get a policy now—it’s the cheapest it will ever be.

3️⃣ Don’t Just Have Life Insurance—Have Living Benefits

One of the biggest misconceptions about life insurance? That it only helps after you die.

But some policies offer living benefits, meaning you can access your funds while you’re still alive.

For example, some whole life policies allow you to:
✔️ Borrow against your policy for investments or emergencies.
✔️ Use funds if you get diagnosed with a critical illness.
✔️ Build cash value that you can tap into in retirement.

The Move:

Ask your insurance agent about policies with living benefits.
If you already have insurance, check if you have accelerated benefit riders that let you use funds while you’re alive.

4️⃣ Start Estate Planning Now (Even If You’re Young)

A lot of us don’t talk about estate planning because it feels “too early” or “too complicated.”

But here’s the thing: You don’t want to be scrambling at 70. You want your plan already in place.

That means:
✅ Having a will to decide where your assets go.
✅ Setting up a trust to protect generational wealth.
✅ Assigning beneficiaries for all your policies, investments, and accounts.

The Move:

If you don’t have a will, create one (there are affordable online services like Trust & Will).
If you own a home or have significant assets, look into setting up a revocable living trust.
Review your life insurance beneficiaries annually to make sure they’re up to date.

5️⃣ Keep the Conversation Going (In Your Family & In Our Community)

One of the biggest challenges? Talking about this stuff.

We don’t like discussing money, aging, or death. It’s uncomfortable.

But avoiding the conversation doesn’t protect us—it just leaves us unprepared.

The Move:

Talk to your parents and loved ones about their insurance situation before there’s an emergency.
Educate yourself on the different types of policies and what works best for you.
Join conversations where we’re talking about real financial moves—like in Wealthy Women Conversations on Facebook.

Final Thoughts: Love Yourself Enough to Prepare

I think about my bonus dad and how much stress this situation caused him.

And I think about how different things could have been if life insurance had been set up differently years ago.

We can’t go back in time.
But we can make sure we don’t end up in the same situation.

Loving yourself means setting your future self up for peace, not stress.

So let me ask you:

👉 Do you have life insurance that will last?
👉 Have you checked on your parents’ or grandparents’ coverage?
👉 Are you prepared for the future version of YOU?

Let’s talk about it. Join the conversation inside Wealthy Women Conversations.

#SlowerWealthierHappier
#BlackGirlMagic
#92%

Slower, Wealthier, Happier