The kids are out of the house, but are they off your insurance? Whether kids leave on their own or are taken off insurance at age 26, change is on the horizon for parents.
Questions to ask as your children leave the nest:
Can you switch your insurance options?
For example, if your rates were provided for “Employee + Family,” you could change to “Employee + Spouse” or “Employee Only” if you’re a single parent. Dropping child coverage counts as a Qualifying Life Event; however, you cannot change plans or add your spouse if they weren’t previously on your plan. Some plans will automatically change coverage for you – check with your carrier or HR rep to see what steps you need to take.
What does your life insurance look like?
Entering a new stage of life when you are retired or considering retirement can bring new questions about age and health. Since the kids are out of the house, will it affect your life insurance needs? Maybe it’s time to talk to your children about their own life insurance as well.
Will your home and auto insurance needs stay the same?
The amount of cars you insure may change as your children leave. Your home may change as well. Whether it’s downsizing or traveling the country in an RV, take a look at your home insurance to ensure it meets your needs.
Content by Lockton Dunning Benefits with info from https://agentsalliance.com/blog/sales-and-marketing-for-insurance-agents/insurance-marketing-to-empty-nesters/.