“Million dollar life insurance on my flesh…” - Nipsey Hussle

Although Nipsey Hussle was on the right track in protecting his family with a million-dollar life insurance policy...it was not enough. His estate (Investopedia: An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in) was estimated to be worth two-million dollars when he died and he didn't have a will. That means the safety, location, and provisions of his children were in jeopardy. 

His youngest child by actress, Lauren London, had to petition the court to be the guardian of their son, Kross’s “estate” and manage Kross’s inheritance. Additionally, the fate of his daughter, Emani, would be decided by a judge, since Nipsey's sister and Emani's estranged me both wanted guardianship of her. Seven months after Nipsey's death, it was decided the Nipsey's sister would have control of her. She was 10 years old at the time of her father's death.

There are two key things to consider when guaranteeing your family's financial security, especially if you have minor (under 18) children: purchase life insurance and create a will/trust 

Nearly half of the US population has stated that they don't have life insurance or they do not have enough. At it's most basic definition, a life insurance policy is a contract between an insurance company and a policyholder in which the policyholder pays regular premiums and, in exchange, the insurer pays a death benefit to the policy's beneficiaries when the insured dies. 

There are two types of life insurance policies: Term and Permanent. A Term policy is similar to renting a car, it is in your possession for as long as you continue to make the payments and for as long as the agreement is in effect...anywhere from 1 to 40 years. People usually get this type of insurance until they can become self-insured. Being self-insured means, you can meet your's and your family's financial needs upon your death, without an insurance policy and no GoFund donations.

Term life insurance is usually what is offered by your employer and is typically only good for you and your family, while you work for the company. This is why it is imperative to have coverage outside of your employer. Very few people stay with the same employer for a lifetime.

The second type of life insurance policy, is a permanent life insurance policy, which covers you for the duration of your life and builds cash value. It is the only type of life insurance that adds value to your assets as well.

Determine what is the best policy for you, your family, and your situation. It could be a combination of the two.

One of the most devasting things a child can go through, is to have a beloved-parent snatched away. Having guardianship (who will take care of the minor child) undecided by the parent would add to the hurt. If your child is a minor and you don't have a will, a judge will decide their fate

During this pandemic, many children are being left without parents. Most parents really love their children and want the best for them. Ensure that yours are taken care of, even if you are not here to do so. Contact an estate attorney to help you select and legally document long-term guardianship for your children.

As we've learned from many celebrities, have a million-dollar policy on your life is the beginning of the process.

I just ran a quote for a 21-year-old for one million dollars and the payment is $52 a month. He's in good health and a non-smoker, which helped in determining in keeping his payment down.

You may not need million dollars in coverage, but our firm can find what works best for your situation.