20 Jul Do Empty-Nesters Need Life Insurance?
Even if your not-so-little ones have flown the coup, you are needed.
Have the kids gone off to college? Have you downsized into a smaller house now that your children have moved out? There are many reasons why the children flee the home, leaving the parents to suffer ‘empty nest’ syndrome.
Parents can turn their children’s rooms into study rooms, jet set around the world, or feel left alone with no one to bake for. Whatever your circumstance, there is one aspect that should not be overlooked: life insurance.
Many parents wonder if life insurance is needed now that their children have left home. The answer is – quite possibly!
Here are 5 reasons why you should still maintain life insurance:
- To meet goals
If your children are in college and are not completely financially independent, life insurance can help. From kids’ college tuition and living expenses, to payments for the surviving spouse and children, finances can be provided.
- To create a financial “safety net”
Emergency funds help in the event of an unplanned financial payment, so if a household doesn’t have an emergency fund, the post-death family will be even more vulnerable without one. Furthermore, it might also be somewhat more difficult for the survivors to obtain credit. Life insurance can solve this problem!
- To support other dependents
If you have parents, disabled adult children, or others who depend on you for financial support, life insurance would continue this support if you pass on before they do.
- To meet commitments based on two incomes
Most two-earner couples make financial payments, such as home mortgages, loans, and leases based on their combined income. Life insurance on each earner enables the survivor to continue to meet those commitments.
- To pay unplanned expenses caused by an early death
Young people generally don’t plan savings for funeral and burial costs, final medical expenses, estate administration, and transfer costs, and estate taxes. Life insurance can cover these costs, which can easily reach tens of thousands of dollars.
When all of your independent adult children have flown the nest, it may be time to downsize the house or turn their room into a gym, but it’s not time to cancel your life insurance policy! Secure all of your insurance needs through North Central Insurance, located in Elk River, Minnesota for a reliable and affordable policy to suit your needs, empty home, and fiercely independent children!