Insurance Tips for Empty Nesters

Tony Grahn
Written on March 11, 2019

The kids are grown up, have left the house, and now you and your spouse are empty nesters. How can you make the most of this new stage in life? What lifestyle changes might be impacted by this new transition that might need to be reflected by your insurance protection?

Secure an Umbrella policy

If you didn’t previously buy an umbrella policy, do so now to protect your growing assets and future retirement. An Umbrella policy is extra liability insurance protection designed to help protect you from major claims and lawsuits. While the exposures might have seemed bigger when you had young drivers, your assets have grown and you have more to protect. Besides, all it takes is entering an intersection one second too early or exiting one second too late, and you could be liable, with your future retirement and vacation plans at stake.

Consider medical coverage and trip insurance for overseas vacations

As empty nesters, there tends to be more time and resources to finally enjoy trips that weren’t previously possible. These short-term medical policies are very inexpensive and help in many ways that traditional health insurance often doesn’t. They can include repatriation, evacuation, and emergency response help. Trip insurance can help protect your cruise or trip expenses in event of a family death or flight delay due to bad weather.

House renovations

If you start doing renovations to your house, now that you have more time and money to spend on yourself, don’t forget to keep your insurance agent informed so he/she can help evaluate changes in replacement cost of the overall home.

Valuable gifts

If you buy any valuable jewelry, firearms, instruments, or art collections, be sure to inform your insurance agent as he/she might encourage you to better protect them from theft and los by endorsing a Personal Articles Floater Endorsement to your homeowners insurance policy.

Review your insurance

While many empty nesters often have more money that when they were first married, they sometimes have more discretionary time and are able to have an insurance review with their insurance agent to make sure they have the right protection at the right cost.

Whatever stage of life you are in, we are here for you. Give us a call any time to speak to a live agent.