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All your children are adults and may have left your home in Wayne, PA. Many people who no longer have to provide for their offspring wonder if they should maintain their life insurance policies. Keeping or switching to a different type of life insurance policy can still benefit you and them. The Sirover Agency LLC can guide you through this process.
Reassess Your Needs
When people are younger, they purchase life insurance to provide for those who depend on them. A life insurance policy can offer a family financial support in the event of the policyholder’s untimely death. However, once you become an empty-nester, it’s time to reassess your needs. Life insurance policies can do much more than offer protection against an unexpected death. Whether you currently have a policy or think you may need to buy one, meeting with a financial planner can help you review your goals and determine where life insurance fits into your financial plans.
More Than Just Immediate Financial Support
If you have a disabled adult child, the choice may be more clear. A life insurance policy with the disabled child as the beneficiary can provide financial support after your passing. Another common reason to keep your life insurance is to provide a means to pay your final expenses. Someone in your family will be left with this burden, and the proceeds from the policy will alleviate that burden. Other reasons include:
- Providing spousal support following your passing
- Enhancing an inheritance
- Covering the Social Security gap period
- Offsetting the reduction in Social Security retirement benefits when one spouse passes
Once you have reassessed your goals and needs, talk to an agent at The Sirover Agency LLC, serving Wayne, PA. Contact us today to schedule your appointment.
