Empty-nesters are an increasingly common phenomenon. And when the last of the children head off to college or out on their own, some parents, although sad, breathe a sigh of relief.
Most likely because they can finally enjoy the freedom and time that they deserve and live a more carefree life.
Many empty-nesters often feel like they need to make sure that they have enough insurance coverage in case something goes wrong. But what type of insurance should one get for their children?
It might seem like a good idea to cancel your life insurance when it becomes unnecessary for your family, but you should do so only after careful consideration. The unexpected death of a spouse may make it hard to make ends meet. If this is the case, assistance can be sought from your parent's house or an organization that provides help for families in this position. Disability support may also be available, depending on the needs of the individual. There are a few reasons why some parents may choose to ensure their insurance coverage is maintained. Some people might want to leave a legacy for their children or provide help for an important cause. Regardless of your thoughts on the matter, you need to think carefully about whether you want to maintain life insurance in the future.
As we get older, health problems related to aging can happen. One important thing to do in this case is to have the right kind of coverage - you could purchase your own medical insurance during retirement until Medicare is available when you reach age 65. Retirement can be an uncertain time, and it's important to plan for the future. COBRA will allow you to keep your health insurance for up to 18 months after you retire. Medicare programs should also be researched to find out what coverage is best for your situation.
Extended care insurance can be used when you need help with tasks like eating, taking a bath, or getting dressed. It's for people who are sick or impaired and need help with what is called "activities of daily living." Extended care insurance can help you to protect your assets if you choose a care option that's beyond the scope of a normal health care plan. It also guarantees that you'll get the assistive detail in your time of need.
It's important to make sure you keep your children insured during the teens and early 20s, as this is when they can be at risk for injury or illness. If they're headed to college, there may also be a health plan offered through the university. if your child is leaving the home but not going to school, they will no longer be able to be insured. Consider looking into a plan that can cover him or her independently of other benefits.
One of the reasons people are looking forward to being an empty nester is it gives them time to take care of their financial situation. This article offers some suggestions you can follow to keep your money safe well into the future.