Insurance Changes after You Become Empty-Nesters
When the kids move out, it’s time to start looking at your insurance and making sure that it still fits your needs. With fewer people in the house, fewer drivers for the cars, and a new life stage approaching, you are probably going to want to make a few adjustments to your coverage. Here’s what you might want to look at:
Life Insurance
When was the last time you took a good, long look at your life insurance? Your probably have fewer dependents now, which can change your insurance needs, but you also might have had a serious shift in other financial obligations, including with your mortgage, buying other properties, the death of a spouse, etc. Think about it this way: if you died today, would your family be taken care of, or would they have to make drastic changes to their lives in order to support themselves. If they would, it’s time to reevaluate your life insurance.
Long-Term Care Insurance
If you purchased your insurance ten, twenty, or even thirty years ago, you might not have considered long-term care insurance, believing that you would eventually get around to thinking about it. Now is the time to think about it. While you might still be decades away from needing long term care, planning for it now will make this decision easier when you or your loved ones do eventually need long term care.
Car Insurance
Unless you have sent your children off with one of your vehicles, it’s probably time to reevaluate your car insurance needs. You can significantly reduce your rates by removing the younger drivers you used to have in the home from your plan and just keeping you and your spouse on the insurance.
