Once your “nest” is empty, you may begin to wonder about your insurance needs. Your children are out on their own, building their own lives. However, empty nesters have many more reasons than just children to continue maintaining their life insurance policies.

Spouses are dependent on each other while working and after retirement. If one spouse dies before the other reaches the minimum Social Security benefit age of 60, there can be a considerable period without a reasonable income level. An early death also reduces the total amount of Social Security benefits earned over a lifetime and any contributions into personal retirement savings.

Having a life insurance plan will offset the reduction in income, allowing the surviving spouse to continue making mortgage payments and meeting living expenses. Even after retirement, many couples will each receive their own Social Security benefits. When one spouse dies, that second income source is lost.

You should still consider your children’s needs. Social Security does not pay benefits once dependents graduate from high school. The death benefit provided is minimal; it does not cover even the least expensive funeral. If you still have parents that are dependent on you, the responsibility will fall to your children.

Even a single empty nester should have a life insurance plan to assist children or any dependents with the costs of a funeral, medical expenses and settling any estate issues. The agents at Steve Wilk Insurance Services are ready to show you the insurance options you have available. Contact an agent today to get more information on your life insurance needs.