When you have children living with you, they can play a huge factor in all of your insurance decisions. You want adequate home insurance and auto insurance in case of a disaster or accident, as your children need a place to live and a way to get around. You also likely have life insurance policies that will cover the needs of your children in case something happens to you. However, once all of your children have moved out and are supporting themselves, it may be a good time to rethink your insurance needs.
Not only has the nature of your household changed, but most empty nesters are approaching being senior adults. This itself can present the need for changes in your insurance. Working closely with an agent you can trust and who understands your needs is your best chance to make certain you are adequately covered by your insurance policies.
Health Insurance
As you approach or reach retirement, your health insurance will need to be addressed, especially if you have health coverage through an employer. COBRA, Medicare, and other programs should be explored to ensure that you have no gaps in your healthcare coverage. If you should develop a serious health condition, having enough health coverage is essential. As you get older, you should also discuss the possibility of long-term care insurance, which provides coverage if you become unable to care for yourself.
In addition, you should also continue to insure your children as long as you can. College can come with a lot of risks and, if they do not have a school-provided health plan, you should discuss getting extra coverage for them until they can insure themselves.
Life Insurance
You may consider decreasing your life insurance once your children have moved out. However, if you pass away suddenly, your spouse will be left with many expenses and an adequate life insurance payout can be essential to them in this situation. In addition, you can leave some of your life insurance proceeds to your children, which can help them in their formative adult years.
Call 203-367-7704 today for a quote.
With any major life change or life event, it is always a good idea to discuss any necessary changes to your insurance policies with your agent. The knowledgeable agents at Berliner-Gelfand & Co., Inc. are here to help you review and update your insurance coverage as needed. Call today to learn more.