It is true that life insurance is an important factor for people who have many dependents and want to assist them financially in case something happens to the breadwinner.
Infants, small children & and teenagers are liabilities for a person and people generally like to invest in a life insurance policy to save them from a financial crisis.
Now, what if the children grow up? Most people wonder if there is still a need to go for a life insurance policy when the children grow up. The answer is ‘yes’, there is a need to go for a life insurance policy irrespective of the age of your children.
Given below are certain reasons to own a life insurance after your kids have left home & joined the outer world.
To meet goals: If your children are studying in college or have not become financially dependant completely, life insurance can prove to accomplish the task of offering them, the required financial assistance for their studies, when you are not there.
Remember, your tuition saving may not be enough to offer social security payments for your spouse or kids.
- To support: A life insurance policy can help providing support to disabled adult children.
- Cover up black out period: According to a recent study, it is clear 5 percent of married women aged 51-64 were poor. A life insurance policy could have actually helped these women become financially independent.
- To offset reduced social security survivor’s benefits: The social security benefit amount is permanently reduced if a survivor starts receiving the benefits earlier than a fall, benefit-age. A life insurance policy in this case can cover up the effect of these ‘lost’ raises.
- Offering bequests: You can be rest assured that your heirs &/or favorite charities receive money after your death, by a life insurance policy today.
- To meet commitments based on two incomes: Most couples who earn and get double incomes make financial commitments, based on their combined income. Life insurance on each earner may prove to be helpful for the survivor to meet those commitments.
- To create a financial ‘safety net’: As per expert’s view, you must have an ’emergency fund’ that would amount to about half a year’s income. This would efficiently meet surprise unavoidable out lays.
Having grown up kids do not mean that you do not require a life insurance. Apply for insurance irrespective of the age of your children to support them.