In this insightful interview, Sharae Salmon, founder of BKB Consulting Agency, shares her journey from working in the insurance industry to becoming a passionate advocate for financial literacy within communities of color. With over a decade of experience, Sharae’s personal experiences—particularly the challenges she faced after losing her father—have shaped her mission to bridge the knowledge gap around life insurance. She candidly discusses the importance of education, the unique obstacles women and communities of color face, and her unwavering dedication to making life insurance accessible and understandable for all. Her story is not just one of professional success but of turning pain into purpose, offering inspiration for anyone striving to create lasting impact in their community.
What motivated you to start BKB Consulting Agency, and how has your personal experience influenced your approach to financial consulting?
I’ve worked in the insurance industry for a decade now and for majority of that time, I paid and denied life insurance claims. Nearly 80% of all claims had delayed payments or were denied. And when you take a deeper dive, this was due to the lack of education. Whether the employee failed to read or understand their insurance policy or whether they failed to relay those details to the beneficiary, one or both parties weren’t clear about the coverage. And I thought to myself, how can we bridge this gap? And that’s when BKB Consulting was born. I especially found it necessary to reach and teach others that look like me. Growing up in a disadvantaged community, where we lack financial resources, it’s important for me to tap into those areas for we all have an expiration date and need to be prepared.
Can you share a bit about the challenges you faced in navigating the financial aftermath of losing your father in 2020 and how that experience shaped your perspective on life insurance?
The year of 2020 will be remembered forever. The world stopped, literally. I was working from home, just a few months shy of my first year in motherhood, still adjusting to my new sleep routine. So, I exchanged lunch breaks for naptime and ate when I could. After waking up from my daily nap, I got the call that would change my life forever. As an analyst paying life insurance claims, I talked to grieving family members every day. They had no idea what to expect or where to even begin. I was now in their shoes; this had become my reality. That experience allowed me to face the feeling of grieve, confusion, and uncertainty all at the same time. Based on my years in the industry, my family expected me to take the lead on claiming my father’s insurance, but I had no idea where to start. I had so much regret. I witnessed so many families deal with this every day, how could I allow my family to go through that same pain? This experience really allowed me to see the importance in not just having life insurance but also having those difficult conversations with your loved ones while they’re still living. It really makes a difference in the grieving process altogether.
As a millennial financial consultant and person of color, what unique insights do you bring to the table in addressing financial challenges within communities of color, especially regarding life insurance?
When addressing financial challenges within communities of color, I would like to highlight 3 key points.
Lack of Awareness and Education – There’s a significant gap between awareness and understanding of benefits
· Cultural Perceptions – Culturally, life insurance is a taboo topic which many shy away from. The thought is life insurance is unnecessary or a scam to take your premiums just to deny coverage
· Financial Literacy Programs – There’s a need for financial literacy programs within these communities to empower and education individuals. It would be a bonus for the community to learn from others who look like them. Having one who understands and respects the cultural nuances and encourage individuals. Making them more inclined to receive the information and purchase life insurance
What specific tools and strategies does BKB Consulting offer to help individuals understand and secure adequate life insurance coverage?
At BKB Consulting, we offer in-depth, specialized educational content that transcends the basic information others typically provide. This includes advanced beneficiary education, guidance through complex claim processes, and insights into leveraging life insurance within unique financial planning contexts. Our overall strategy involves leveraging technology to deliver interactive, engaging educational content through digital platforms such as webinars and online courses.
How do you approach educating individuals about the risks of inadequate life insurance and its broader implications on families?
Life insurance was created to pay for one’s final affairs. Today, life insurance can be used for anything. Pay for a funeral, leave a legacy, pay medical bills, you name it. So first, the policyholder must know what’s the purpose of their life insurance. Next, they should know what’s to be paid at the time of their death. I always tell people, you can’t escape your mortgage or your student loans, not even in death. If your family doesn’t have the money to pay those things off, those collectors will go after your assets and even your estate for their money.
Could you share some success stories or positive impacts that BKB Consulting has had on clients or communities since its inception?
What advice would you give to other women looking to start their own businesses, especially in male-dominated industries like finance?
Girl, go for it! You are strong, you are smart, you got this. I know the days are long and sometimes you doubt yourself. Failing and falling are a part of the process. Learn from those mistakes. Rephrase the negative thoughts that come to mind. You’d be surprised who’s waiting to receive the information you know. Your audience is out there. Do it now, the time will pass anyway, and you’ll be so glad you started.
Have you faced any particular challenges as a woman entrepreneur, and how did you overcome them?
When I started, I joined a few insurance Facebook communities. I would introduce myself and share a little bit about my skills and people would question my knowledge because I’m not certified or a licensed insurance agent. Most of those people were men. Initially, it was discouraging. I wondered if I would always have this issue and questioned whether it made sense to continue but I kept showing up. After one of my posts, I had several people reach out to me, encouraging me to continue as they found value in what I offered. I’m glad that I decided to stick with it as I’ve helped a ton of people thus far.
In your experience, what are some common misconceptions or barriers that women face when it comes to managing their finances or pursuing entrepreneurship?
I think the biggest misconception that women face with managing their finances is – do more for themselves. As women, we do everything for everyone else but when it comes to ourselves, we do the bare minimum. If you asked a woman to plan a party for a friend, she brings out the bells and the whistles. But if you tell her to plan a party for herself, she’ll say, “I don’t need a party.” Saving money is great but that’s just the first step. Where’s the money going? What’s the plan? Women have to be more intentional when it comes to putting in more time and effort for themselves just as they do for others.
How do you prioritize self-care and maintain a work-life balance while running a successful consulting agency?
In addition to being a business owner, I’m also a wife, a mom of two toddlers under 5, and an employee of an insurance company… I’ve learned there’s no such thing as balance. With all the hats I wear, it’s important for me to pray daily, lean on God for everything, outsource simple tasks, and rest – I still take naps LOL.
What are your future goals and aspirations for BKB Consulting Agency, both in terms of growth and impact on the community?
My goal for BKB Consulting Agency is to become known globally where I teach individuals around the world how to be prepared with their life insurance, what mistakes to avoid, and how to prepare their family and beneficiaries to help ensure their families receive the insurance payout just as they intended.
For the community, I want to bridge the gap, providing clear, navigational guidance to those for whom life insurance is still uncharted territory. We’re committed to redirecting uncertain journeys towards financial security, ensuring each decision enriches the lives of our community and their families.
How do you stay motivated and inspired in your work, especially during challenging times?
I’m motivated to keep going when I think about the mother who lost her son, and his life insurance was not enough to cover all funeral expenses.
I’m motivated to keep going when I think about the widow who lost his wife, and it took 13-months to pay the insurance claim because of a policy clause that he wasn’t aware of.
I’m motivated to keep going when I think about the 9-year-old minor beneficiary that was named on an insurance policy which the insurance company can’t pay until they’re 18-years old and now the family must find other means to pay for final affairs.
So, whenever I have a challenging day, I’m reminded that the work is not about me. I’m here to help others avoid the mistakes I saw others unknowingly make. And that’s why I continue to show up every day.
What role do you think mentorship and networking play in the success of women in business, and how have they influenced your journey?
Mentorship and networking are huge motivators for women in business. Both give you a sense a hope and encourage to keep going. It’s something about connecting with like-minded individuals on the same path as you. You share the same questions, challenges, and doubts, you just get one another. But it’s also a beautiful place where dreams are born. You become each other’s confidants, focus groups, and guinea pigs to help you refine your craft before sharing it with the public. Every community that I’m a part of has been super helpful with building my brand.
Could you share any specific strategies or resources that have been helpful to you in building and managing BKB Consulting Agency?
Invest in yourself. Google is great and YouTube is good too but it’s nothing like getting a coach, taking a class, or joining a community where you can really learn how to build and navigate through business. I’d rather learn from an expert in 1-year than taking a lifetime trying to teach myself something new.
Finally, what message or advice would you like to leave for women who are striving to achieve financial independence and pursue their entrepreneurial dreams?
Anything is possible. Be intentional with your time. Put systems in place (ex. auto replies, scheduled emails), and outsource small tasks. Because life will happen, but your customers and clients still need to be nurtured and serviced. Planning is the key to it all.
