“When we, as LGBTQ+ adults, make the decision to enter a relationship and start a family, we don’t always have the support of our family.” That is a painful statement that will affect many people.
This insight came from MyLin and SK Stokes Kennedy, who are married and raising their combined family in Southern California. The couple appeared on the sixth season of “Black Love,” where they opened up about the challenges of cultivating their relationship and raising three children.
We are delighted that they have agreed to work with us again this year in spreading the message about the importance of life insurance.
Life insurance? You may ask, “Where does that fit into all of this?” However, it may be more important than most people think, so read on as we chat with MyLin and SK.
Life Happens: When did you both first hear about life insurance?
MyLin + SK: We got to know each other after we got married but only until we got pregnant with our first child together.
LH: Why did each of you decide to buy life insurance?
MyLin + SK: We realized that we didn’t want anyone else, or our children, to suffer financially in the midst of grief if, or when, something happened to us.
LH: What kind of cover do you both have and why?
MyLin + SK: We currently have term life insurance. In doing research, we found that it was the most cost-effective option at this time for us.
LH: Why should everyone have life insurance, especially LGBTQ+ seniors?
MyLin + SK: When we, as LGBTQ+ adults, make the decision to enter into a relationship and start a family, we are not always supported by our family. Therefore, if something happens to us, there is a chance that our wishes are not withheld by the surviving family. Inheritances can be contested, things are excluded. With life insurance, you can ensure that your spouse and children get what you want.
LH: Have you ever had discussions about life insurance with your family or friends?
MyLin + SK: Yes, we have had discussions about both. Since our mothers are the most important because of what positions we may be left in if they do not have life insurance.
LH: What did one of those conversations look like?
MyLin: So, I found out that my mother had a very small policy for her work that was less than $10,000, which did not cover her funeral expenses. That led to us wanting to get him the right policy to cover his funeral expenses (my mother knows a lot of people so it will be big, and we will need funds), debts/credits, mortgage, his car book. There’s a lot I don’t want to fall on me and my brother or I have to make a GoFundMe and beg people for it. I just want it taken care of already.
LH: What does life insurance mean to you?
MyLin + SK: For us it means security and peace of mind, knowing that if anything bad happens to one of us (or both of us), our children will be taken care of.
LH: What do you wish more people knew about life insurance?
MyLin + SK: We wish people understood the gravity it had. How much pain and stress dealing with financial problems after losing a loved one can be and we can do something about it now. We just need the spread of information and awareness that it’s not a big, expensive monthly fee.
LH: Which research findings from our 2024 Insurance Barometer survey (Life Happens and LIMRA) do you find most interesting?
MyLin + SK: I was interested to see that 62% of people who say they don’t have life insurance also feel like they need it. The desire is there, they need more information. So, there’s an opportunity there to get them the information they need to take that next step.
LH: We agree—and that’s really our job!
MyLin + SK: Then 22% of people who have one say they need more. I feel like we are staying at that 22%. We have had life insurance for about five years now and we pay $83 a month for all of our policies, which includes $150,000 policies for each of us as parents and $15,000 policies for each of the three children.
Our goal is to exceed $500,000 in fees for us as parents because we want our children to have money for their future education, not just paying bills and loans. So we also know that there is room to grow and accept more information. That’s why we want to cooperate with all of you. It prompts us to dig a little deeper and find more information—and share it. Because we know that there are many people who need it.
Get started
Don’t let uncertainty about how much or what type of life insurance to buy stop you from getting help. To get started, you can do a quick calculation with our Life Insurance Needs Calculator to get a general idea of how much you might need. And if you want help choosing the right type of policy that fits your budget, you can talk to an insurance expert without charge or obligation. If you don’t have someone to work with, you can use Life Happens’ Agent Locator here.
