Life Insurance Myths For an Empty-Nester

The time has finally come: you and your spouse can enjoy having the house to yourselves, and it feels like you’re starting a new chapter of your life. It can be a bit sad seeing your children leave home, but you might also be happy that you don’t have the responsibilities you once had. But don’t throw all of your responsibilities out the window just yet! For example, you might be thinking that the time for life insurance has passed now that you’re an empty-nester and don’t have to worry about taking care of your children (as much), but that’s not necessarily true. So don’t let the following myths about empty-nesters and life insurance prevent you from purchasing a policy that will continue to protect your family.

illustration of grandparents with their children and grandchildren
Even though your children are grown up. you can still be able to help them for years to come after you are gone.

Myth 1: My children are grown and can support themselves now.

Ahh, the sweet moment you’ve been waiting for as a parent: watching your child go out in the world and support themselves. Like many empty-nesters, you might be thinking that now you no longer have to worry about supporting them, or leaving extra money for them when you are gone. However, if you were to pass away today, do you think your family would be able to pay for your funeral expenses? And don’t forget how hard it was to support yourself when you left your parents’ house – that’s no easy thing! It would be nice to be able to support your children, and your grandchildren, in the long run.

Myth 2: My mortgage is almost paid off so I don’t need life insurance for that.

One of the happiest moments of any adult’s life is the moment they pay off their mortgage! And if you are one of the lucky few, you might be thinking that you don’t have to worry about providing your spouse or family with life insurance benefits when you pass away. But there are still other expenses or even debts that will have to be paid off, which could be transferred to your spouse or children after your death. How will they be able to pay off these debts? Life insurance is a great way to cover any debts, as well as leave some extra money for your loved ones to survive on. 

Myth 3: Life insurance will be too expensive now that I am older.

Life insurance rates indeed go up the older you get, and the less healthy you are. But that does not mean that you can’t find a very affordable plan, with the help of a life insurance agent. If you are a healthy non-smoker, you could get a $500,000 life insurance policy for only $130 a month, or less. The best way to find a great policy is to compare plans from different companies – there are so many different policies to choose from!

illustration of money and coins
Even if you have enough money saved up. it could dwindle over time or if there was an emergency.

Myth 4: I have enough money saved up to pay for funeral expenses and more.

If you have a substantial amount of money saved up, that’s great! But will it be enough for the unexpected? What if you live a long time and continue to use money from your savings? Or if there is an emergency and you have to take money from your savings?

Find Affordable Life Insurance

If you want to make sure that your children or grandchildren are taken care of when you are gone, whether they are adults or minors, you need to find the right policy for you AND know the rules surrounding minor beneficiaries.

The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas on how to cut costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.