While it’s a big transition, an empty nest doesn’t have to leave you with a heavy heart. Whether you’re excited to embrace the freedom, or sad to see the last of your brood go, you will need to prepare for some changes in your financial future.
With the kids moving out, you’re likely dealing with more house than you ever have before. If you’re open to moving, now is the time to consider downsizing. Whether you choose to move to a smaller home or even consider a rental, there is likely to be some savings reflected in the associated insurance, due to a smaller space and ultimately fewer contents to cover.
Any children who were previously listed as secondary drivers on your vehicles can now be removed. This should lead to an overall savings on your auto insurance, in addition to lowering the use and wear and tear on the vehicle. Plus, you ‘ll never have to share your keys again!
Even though you no longer have dependents under your roof, you’ll want to hang onto your life insurance, but it might need a little updating. Priorities for your life insurance were probably different when you were in the midst of raising a growing family. Now that the “kids” are out of the house, your life insurance will likely focus more on estate-related concerns and protecting a spouse, should the unexpected happen.
Seeing the last of your children make their way into the world can be filled with excitement and anxiety – hopefully, this list will help alleviate the latter!
At MacLeod Lorway, we can help you find the right policies tailored to your property, seasonal or otherwise. To learn more about your insurance needs, call 1-800-463-6665 or visit https://www.macleodlorway.com/contact for the MacLeod Lorway location nearest you.