Empty Nest? Insurance Could Be More Important Than Ever

The topic of life insurance might not be at the forefront of retirees’ minds, but if you are an empty-nester, making sure you have the right coverage could be more important than ever.

When you are younger, with a growing family and an ever-increasing list of responsibilities (both financial and otherwise), insurance is a must-have.  You want to make sure your spouse and little ones are provided for if something happened to you.  Often you make sure you have a significant life insurance policy, and you might even add on additional coverage like disability insurance. However, as the kids grow up and leave home, many couples start downsizing.  A smaller home, a smaller vehicle, and, unfortunately, a smaller insurance plan are often the results of an empty nest.  However, decreasing your insurance coverage (or not having enough to begin with) could be a big mistake.

Consider these scenarios…

• What if you were suddenly responsible for dependents, like your grandchildren?  Would your life insurance be enough to protect them in the event of tragedy?
• Do you have an adult child that still requires parental care due to a disability or health issue? If you don’t have proper coverage, they are left unprotected.
• Are your spouse’s income and/or their social security benefits, enough to keep them afloat if something happened to you?
• If you were injured, or ill, will your current financial situation be sufficient to cover both your care and your regular expenses?
• Will your current coverage be enough to pay for large expenses such as funeral and burial costs, outstanding debts, etc. in the event of your passing?

These questions should be considered in depth when you are deciding about how much coverage, and what type of coverage, is needed in your golden years.  Disability insurance, or in your later years, long-term care insurance are important policies to check into based on your needs and the needs of your family.  Life insurance is vital at any age and can make the difference between your family being able to grieve peacefully or being left in financial turmoil at the time of your death.

Insurance isn’t an expense…it’s a legacy.  If you don’t think your current policy is adequate, or if you were considering a downgrade but aren’t sure how much will still be enough, let us help! Carroll Marshall is happy to serve the greater Winter Haven community, and we are honored to help families through each stage of life.