Do I Need Life Insurance After My Kids are Grown?
The kids may be grown but you may still need life insurance to protect your loved ones.
If you are a baby boomer, you might be thinking that you no longer need life insurance because the kids are grown. But you may still have financial obligations that will need to be met; people who count on you for support. Life insurance can help protect more than just your children.
Here are a couple of examples:
If you are caring for an aging parent, and something happens to you, life insurance proceeds can be used to help hire someone who will continue that care.
If your spouse is younger than you, he or she may not be eligible for social security benefits if something happens to you. Known as the Social Security black out period – survivor benefits are only paid as long as the parent (under age 60) cares for a child less than age 16. Once the child reaches 16, the parent must wait until age 60 to collect survivor benefits again.
The economic recession has taken a toll on your retirement savings. A life insurance policy can help your spouse pay off the mortgage and remain in the home, as well as pay off hospital bills relating to a prolonged illness.
These are just a few reasons to consider keeping a life insurance policy even though the kids have grown up. Protecting your family is still important. Ask an iQuote life insurance advisor about different types of life insurance policies that might be appropriate for this life stage.
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