What to do When the Nest is Empty?
Do you know what an empty nester is? Basically, it is someone who has kids, but they are all grown up and out of the house. This person now lives alone. A lot can change when you are an empty nester. One of these things might be your life insurance. Let’s see how your coverage is affected now that the kids have grown and are starting families of their own. Remember, whenever you adapt, so should your policy. Only you can decide what is best for yourself, but take a look at these helpful tips. You do not want an quiet house to trick you after years of good coverage.
You Still Have Financial Responsibilities
You might be thinking of getting rid of your coverage now that you are an empty nester. Do not do it! You still have financial responsibilities that you need to take care of and someone is still going to be left with the financial burden you leave behind if you were to pass away unexpectedly. You still need to pay attention and know what is going on. Take a look at the responsibilities you have now that the house is quiet and see if you can form your coverage to better fit the current situation. Just do not get rid of it completely. Hopefully you can pay off all your debts before you pass away, but you never know.
Social Security Blackout
When dealing with Social Security there is something called a blackout period. This period will pay you nothing and last from when the youngest child leaves high school until the minimum eligibility age of 60. The surviving spouse needs to apply for the benefit based on the record of the deceased. Unfortunately if you are an empty nester woman then this might affect you the most. Most men carry policies, but they fail to get it right. They might not know about this blackout period, and they might not pay out any benefits after the kids are grown. You need to make sure you watch out for this blackout period because you do not want to leave your spouse high and dry.
Two Income Household
You might have been living off of a two income household for many years. This is something that is very common. This means that you will still need money if your spouse passes on. A policy will do just that. You might still need the two incomes even though you are now an empty nester, so do not risk the financial trouble you might face if the other income is not there. Make sure that your plan can cover whatever you will be leaving behind. You do not want to sell your partner short on what they could be earning. The kids were a big financial responsibility, but there are still some left over.