As February is Black History Month, and as Stavis Wealth Transfer Solutions was co-founded by three women, we wanted to take this opportunity to highlight a pioneer in the life insurance industry who deserves far more recognition that she currently receives.  Let us introduce you to Minnie Geddings Cox.

Minnie Geddings was born in 1869 to former slaves and graduated from Fisk University. In 1891, she was appointed postmaster of Indianola, MS, becoming the first African American to hold such a position.

In 1902, under pressure from local white citizens, she offered to resign her position. Her resignation was refused by then President Theodore Roosevelt, who instead closed the post office.⁠

After the "Indianola Affair," Minnie Cox's husband, Wayne Cox, founded the Delta Penny Savings Bank, one of the earliest black-owned banks in the state.  He then formed the first black-owned life insurance company in the United States to offer whole life insurance, the Mississippi Life Insurance Company.  Upon his death in 1916, Minnie Cox became Secretary-Treasurer of Mississippi Life, the most powerful role in the company.⁠

Upon taking control of the day-to-day operations of the company, Cox was able to turn around the company’s declining fortunes in less than one year.  In 1920, in response to local hostilities, she orchestrated a move of the company to Memphis and eventually sold the company to Standard Life of Atlanta in 1923. The proceeds from the sale, her majority ownership in Delta Penny Savings Bank, and her land holdings made Minnie Cox one of the richest black women in the United States. ⁠

In 1925, she remarried. She passed in 1933 and is buried next to her first husband in Indianola.⁠

The story of Minnie Geddings Cox is an incredible story for many reasons, including the way she defied societal norms and expectations to pursue a career in a field that was perceived as unconventional for women at the time.  Through her work, she had a transformative impact on the perception of women in the life insurance sector. 

By excelling in her role, she challenged preconceived notions about gender roles in the workplace and shattered the glass ceiling for countless women who aspired to pursue careers in the industry.

As we reflect on Cox's legacy, it becomes evident that the inclusion of women in the life insurance industry is not just a matter of equality but also a strategic imperative. Studies consistently show that diverse teams lead to better decision-making and enhanced innovation. In an industry that thrives on adapting to evolving risks and market dynamics, having a diverse workforce is a competitive advantage.

The importance of women in the life insurance industry extends beyond the boardroom. Women are often the primary decision-makers when it comes to family financial planning, and their unique perspectives play a crucial role in shaping insurance products that cater to the diverse needs of families. 

Recognizing and harnessing the talents of women in the industry is not just a step towards gender equality; it's a strategic move that aligns with the industry's mission of providing comprehensive and inclusive financial protection.

Our team is composed almost solely of women - and we are proud of that! The importance of women in the life insurance sector cannot be overstated and Minnie Geddings Cox's indelible mark on the life insurance industry serves as a poignant reminder of the transformative power of individuals who challenge norms and pave the way for progress. 

As we celebrate Cox's legacy, let us also commit to fostering an environment that encourages and empowers women to play an even more significant role in shaping the future of the life insurance industry.

To learn more, feel free to reach out to the Stavis Wealth Team.