Life After The Kids Have Moved Out
Have you recently become an empty nester; a parent whose children have moved out of the house? This transition marks a new stage in your life. You are likely at a point where your responsibilities and lifestyle are quickly changing.
While your personal and financial obligations might not be the same as they were 5 or 10 years ago, there is still likely a need to maintain your life insurance policy. However, this would probably be a good time to reevaluate it. Here are some reasons you may want to revisit your current policy.
Why Life Insurance is Still Relevant
Have you found yourself questioning the value of life insurance at this stage in your life? Although your coverage needs may be different after your children have moved out, there are still a number of reasons why you will want to think twice before dropping your policy.
It is not uncommon for empty nesters to have mortgage payments and other significant financial obligations on their hands. If you were to pass, your spouse or children could be left to manage these obligations. This can often be an overwhelming task, especially while grieving. By maintaining a life insurance policy, you can take the precautionary measures necessary to ensure your family’s financial security.
Let’s face it, life and death can be expensive. A life insurance policy can provide funds to leave a legacy for loved ones and/or charitable organizations. You can leave financial resources for a surviving spouse, education funds for children and grandchildren, and/or funds for a cause you are passionate about. You can also provide coverage for funeral expenses and other unforeseen costs. Today, the average cost of a funeral is between $7,000 and $10,000. Also consider any debts, loans and financial obligations you will be leaving behind.
Having the kids move out of the house doesn’t mean you’re not providing support – or will provide support in the future. Many empty nesters are caring for aging parents, a spouse who does not earn income, grandchildren, have children with disabilities or have children who are not yet completely financially independent. There are likely a number of people who are still relying on you for support. Many young families depend on their parents to help with childcare because of the overwhelming expense. Even if you are not providing financial support, your time is very valuable. Life insurance can provide this continuous support for your loved ones even after you’re unable to.
If you are recently retired or fear that your age may be a barrier to affordable coverage, don’t count yourself out just yet. According to the Life and Health Insurance Foundation for Education (LIFE), one of the fastest growing segments for life insurance policies are individuals over the age of 60. You can get a free, no-obligation quote quickly and easily. You don’t even need to enter any personal information. Simply Enter Your Zip Code to get started. Why wait? Get started today!