Leaving parents home alone, protected.
Kids gone off to college? Downsized into a smaller house now that your children have moved out? There are many reasons why the children flee the nest, leaving parents feeling the ‘empty nest’ syndrome.
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 own 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 aided.
- 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 financially 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 die 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, transfer costs, and estate taxes. Life insurance can cover these costs, which can easily reach tens of thousands of dollars.
If all of your little ones have flown out of 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!
For the best coverage to meet your lifestyle, budget, and needs, contact Lofgren Agency for all of your insurance needs in Hudson, New York!