Life Insurance for Parents Whose Children Have Left Home – Let’s talk about empty nests, whether you’ve already had one or are anticipating one.
What is empty nest syndrome?
If you’re unfamiliar with the term, empty nest syndrome describes the type of grieving that many parents go through when their children move out of the house.
Parents may find this to be a mentally taxing period, but life insurance should also not be overlooked. Your financial situation will probably change as a result of your children leaving home because they are far more likely to be independent now that they are adults.
It’s critical that your life insurance policy reflect this new chapter of your life as a result of such a significant life event. If you already have a policy with Busy Bee, our review professionals may assess your new situation and develop a policy that is suitable for your new way of life.
Income security
An income protection policy may be crucial for your financial security if you are an empty nester. You should prioritise financial protection for yourself now that your children aren’t living at home with you and are probably less financially reliant on you.
A special sort of insurance coverage that aids in protecting your income is called income protection. With monthly payments made directly to you, this coverage replaces your monthly income and assists you in covering life’s necessities. The payments will correspond to a specific portion of your income.
cover for serious illnesses
Our young family specialists would typically recommend a level life insurance policy if you have small children because you could need a lump sum pay-out.
You could safeguard yourself as an empty nester with a critical illness coverage. In the event that you were to be diagnosed with one of the serious illnesses covered by this policy, the policy could pay out a pre-agreed lump sum. If you are still living, the lump sum from this policy may be put to a variety of uses. If you were to get seriously ill, you may utilise the lump sum to:
- Make changes to your home
- Invest on specialised treatment
- Visit multiple hospitals for specialised care
- Finance your wish list
Overs 50s cover
The term “over 50’s cover” refers to life insurance for those over the age of 50, often up to the age of 80.
Because that you normally don’t have to provide your medical information to your insurer for this type of insurance, this type of policy is excellent for people who may have a complicated medical background. A life insurance policy for people over 50 usually provides coverage for a lower sum than a regular life insurance policy does.
Should the worst happen, this kind of policy might be utilised to leave money for your loved ones or to help pay for funeral expenses. In light of your complicated medical history and the fact that your children are already financially independent, this sort of policy might be the most appropriate for your current situation.
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You could have some extra money in the bank now that your kids have left the nest. On the other hand, if your kids still believe that money grows on trees, you might still be giving them small amounts of money now and again. In either case, you should probably make some changes to your policy.
At Multiquote we are able to assist you in reviewing your current insurance. Calling our helpful team at 02394 311 115 will put you in touch with our review specialists, who will be pleased to assist. Instead, we can check into setting up some coverage for you if you don’t already have a policy.
