The death of Exodus Tyson, daughter of former heavyweight champion Mike Tyson, brings immediate tears to the eyes. As a single father of three daughters, my heart becomes heavy at the thought of losing any of my precious little girls. I also fear what might happen if I were to suddenly pass on myself. While the pain of death is severe and complicated, there is always a lesson to be learned from the experiences of others.
In this case, there is the serious and gut-wrenching task of planning for the possibility that you may have to bury your child. In the black community, such issues are compounded by the alarming death rates of black teens in the inner city, higher infant mortality rates and reduced access to health care for African Americans. In light of our unique experiences and circumstances, we must be careful and intelligent in our financial planning.
How do you plan for your child's death? Is life insurance even necessary? Let's break it down and figure it out together.
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