Is Life Insurance Vital for Empty Nesters?
Use these tips to determine what you should do with your life insurance for your empty nest.
As your children grow up and move out of your house, you may find yourself wondering what to do with your empty house. However, just because your kids have moved out, doesn’t mean that you should cancel your life insurance policy. There are many benefits of having a life insurance policy, even with an empty nest, including:
- Support other dependents – your children are not the only dependents you can have. If you have aging parents, your life insurance payout can help provide them the financial means they need to continue living comfortably.
- Continue supporting your kids – just because your children have moved out doesn’t mean that they are completely financially independent. Your life insurance payout can help them pay off their college loans, or buy a home of their own.
- Meet commitments of two incomes – many people make financial commitments that are based off of two incomes, such as your home mortgage. If you pass away, your life insurance can allow your partner to keep up with those financial obligations.
- Create a safety net – experts say that you should have at least six months’ income in your savings account at all times to cover unexpected costs. The payout of your life insurance policy can help to pad that savings account or ensure your loved ones don’t have to dig into their savings to pay for necessary expenses when you are gone.
- Provide an inheritance – if you don’t have a savings account or any property to leave to your children, your life insurance policy can provide them with an inheritance after you are gone.
For help finding the right life insurance policy, contact Remland Insurance in the City of Orange. We will work with you to find the right policy that will meet the needs of your family, all at the right price.
