The time period of the “empty nest” is that point in life when your primary dependents, your children, have left to live on their own. During this time, you may very well be facing retirement or are already there, and the thought that crosses the majority of people’s minds is, “do I still need to be insured?”
With your most important responsibilities out on their own, you may think you need to downsize everything, including your life insurance. The reality is, you will still need the insurance coverage you have. There is always going to be something for you to protect which means there is always a need for a great life insurance policy.
This week, we at Instant Life Insurance are taking a look at the driving reasons behind the need for life insurance during your “empty nest” years. Don’t allow yourself to fall into the pitfall of believing you no longer need insurance, take a look at our reasons and see why your plan is still important.
The Future Economy is Unknown
It’s getting expensive to live in Canada today and for your children, starting out on their own has never been so daunting. They may be enjoying their own lives and the struggles and joys that come with it, but the chance of financial crisis is always present. If the worst should happen and they need to come back home are you going to be able to protect them? They’re still your children no matter how old they are and you should be able to look out for them.
Having a life plan in place into your empty nest years is the perfect support in situations like these. According to an article by CTV News, young adults still living with their parents has risen to 42%, which is a 15% increase from 1980’s. This means that there is a greater need to keep your life insurance plan in place even when your children are grown. If they should face a financial speed bump, your plan can get them back on their feet and give them a new financial start.
You’ve Still Got Other Expenses to Cover
It’s a bleak thought, but everyone will die at some point, and with death comes funerals. The average Canadian funeral can cost anywhere from $5,000 to $9,000 or more. The thought of having to leave that cost to your surviving family is not something you want to do. The stress and weight of your death are already more than enough for your family to handle, don’t add large amounts of debt as well.
Your life insurance death benefit can be put to good use in this scenario, coving the funeral itself as well as any remaining medical costs you may have incurred. Your husband or wife will need the financial support after your death to continue on with his or her living arrangements. Your death benefit will allow your spouse to continue to be self-sufficient after you pass, instead of living with a reduced income and being forced to possibly live with your children. In the end, the benefit can give your spouse a nest egg to rely on.
Leaving a Legacy Behind
Having a great life insurance plan into your empty nest years will give you the ability to leave a legacy, but the thought of doing so fills many with ideas of not being wealthy enough. But that’s the beauty of a life insurance plan, you don’t have to be a millionaire to leave your family a legacy.
With the right amount of coverage that fits your needs and budget, you can prepare to leave an instant legacy once you die. A life insurance plan can allow you to spend what you’ve earned during your retirement without the worry of leaving nothing behind for your family. Finally, besides your family, you can leave some or all of your legacy behind for a charity or cause that you care about.
At Instant Life Insurance, we work with over 20 different Canadian providers to offer you a wide selection of customizable life plans. Let us help you decide on which plan will work best for your needs. If you are approaching retirement or already there, we have a wide array of plans that will provide your family the safety net it deserves.