Life insurance for empty nesters
Calling all parents!
Whether you’ve experienced an empty nest or you’ve got it looming in the future - let’s talk about it.
Empty nest syndrome - what is it?
If you’ve never heard of empty nest syndrome, it refers to the type of grief that many parents experience when their children leave the family home.
Whilst this can be a mentally challenging time for parents, it’s also important not to forget about life insurance. Now your children have left home, they are much more likely to be financially independent and as a result, your children leaving home is likely to change your financial circumstances.
As a result of such a momentous life change, it’s crucial that your life insurance policy should reflect this new chapter of your life. If you already have a policy with us here at Busy Bee, our review specialists can evaluate your new circumstances and create a policy tailored to your new lifestyle. 
Income protection
If you’re an empty nester, an income protection policy could be essential for financially protecting yourself. Now that your children aren’t in the family home and are likely to be less financially dependent on you, then you should be prioritising financially protecting yourself.
Income protection is a type of insurance policy that specifically helps to protect your income. This policy acts as a replacement to your monthly income by paying monthly payments directly to you in order to help you pay for the essentials in life. The payments will be the equivalent to a certain percentage of your income.
Critical illness cover
If you’ve got little ones, then our young family specialists will generally advise a level life insurance policy, this is because you will arguably need a lump sum pay-out.
As an empty nester, you could protect yourself with a critical illness policy. This policy could pay out a pre-agreed lump sum if you were to be diagnosed with a critical illness listed within the policy. The lump sum from this policy could have multiple uses whilst you are still alive. If you were to become critically ill, the lump sum could be used to:
- Make modifications to your home
- Pay for specialist care
- Travel to different hospitals for specialist care
- Fund your bucket list
Over 50’s cover
Over 50’s cover* is what it says on the tin - life insurance for those who are over the age of 50 and typically up to the age of 80.
This type of policy is ideal for those who may have a complex medical history as you typically don’t have to have to give your medical details to your insurer for this type of cover. An over 50’s life insurance policy typically covers you for a smaller amount than a standard life insurance policy does.
This type of policy could be used to contribute towards funeral costs or to leave money behind for your loved ones, should the worst happen. So if your children are now financially independent and you have a complex medical history, this type of policy could be best suited to your new circumstances.
Get a free quote today
With your children fleeing the nest, you could have some spare money in the bank. On the other hand, if your children still think money grows on trees, then you might still be financially supporting them here and there. Either way, your policy will probably need a bit of shake-up.
At Busy Bee, we can help you to review your current policy. If you call our friendly team on 0161 241 6146, our review specialists will be more than happy to help. Or if you don’t already have a policy, click the button below and we can look into getting some cover set up for you!
*Over 50’s - Depending on how long you live you could pay more in premiums than the value of the cash lump sum