ATLANTA – Former Atlanta Mayor Andrew Young and Atlanta City Councilmember C.T. Martin joined New York Life Insurance Company executives at Atlanta City Hall on Tuesday, May 13 for the launch of the company’s $50 Billion African American Community Empowerment plan in Atlanta.
Started in 2011, the Community Empowerment Plan is a national initiative to create a collective $50 billion of protection and generally tax-free, future income throughout African American communities around the country. At the pulse of this initiative is New York Life’s 1,110 African American Market agents, around the country, who have rallied around a movement to touch a collective 200,000 African American lives, showing each one how purchasing at least $250,000 of life insurance today could help ensure a college education, homeownership, entrepreneurial endeavors and even multigenerational assets in the future.
As proponents of the $50 Billion Empowerment Plan, Young and Martin have long recognized the need to begin creating legacies and building multigenerational financial security throughout Atlanta’s African American community.
“We have wealth in the African American community here in Atlanta, but the question is how do you create generational wealth? I suggest doing it the way it has been done for generations in this country: through the ownership life insurance, investments and/or through real estate holdings that can be passed down to future generations,” Martin said. “We would to thank New York Life for bringing its $50 Billion Empowerment Campaign to Atlanta and targeting our community specifically. We are committed to joining them in educating our community about the importance of building generational wealth.”
In recognition of the campaign launch, Martin presented a proclamation to New York Life Insurance Company top executives, honoring the company’s commitment and proclaiming Tuesday, May 13, 2014 as $50 Billion Empowerment Day in Atlanta.
Company executives say New York Life has already made significant strides to reach its $50 billion goal.
“Our agents are committed to insuring the lives of 200,000 African Americans with at least $250,000 in life insurance which would mean $50 billion of generally tax free assets supporting African Americans communities across the United States,” said Eugene Mitchell, corporate vice president of New York Life’s African-American Market Unit. “We are almost half way to our goal and the proclamation of this day inspires us to provide more African American families with the ability to create financial stability and economic opportunity for their loved ones here in the Greater Atlanta area and across this great country.”
“This is a historic day for our New York Life employees and agents and also the African American community at large. This declaration directs the attention of 6 million plus residents of Atlanta to the need to ensure financial stability, and create wealth for future generations,” said Puneet Seth, MBA, CLU, CLTC, CLF, managing partner of New York Life’s Atlanta General Office.