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SmartTips is a totally free weekly eMail newsletter featuring expert advise and tips on the topics that matter to you, such as:
- Tempated by new car deals? Check here first to avoid over-paying.
- End of the year anticipation? Did something change this year that will affect your taxes?
- 529 College Savings Plans. Your children are never too young—or too old—for you to get started.
Save money with FREE tips on everything from budgeting, managing debt, buying insurance, and planning for retirement.
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| Get SmartTips Newsletters by Email |
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SmartTips is a totally free weekly eMail newsletter featuring expert advise and tips on the topics that matter to you, such as:
- Tempated by new car deals? Check here first to avoid over-paying.
- End of the year anticipation? Did something change this year that will affect your taxes?
- 529 College Savings Plans. Your children are never too young—or too old—for you to get started.
Save money with FREE tips on everything from budgeting, managing debt, buying insurance, and planning for retirement.
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Adjust Other Insurance
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Now that your child is independent, you may have opportunities to reduce your overall insurance costs.
If your child is just away at college, see about getting a distant-student credit. This usually applies to full-time students who have gone a certain distance to college and who isn’t driving a family car to campus. This credit can lower your costs nicely.
If your child has left for good, take him or her off the policy as soon as possible. This will likely result in a substantial cost reduction. While you’re at it, consider getting quotes from several other insurers to see if you can lower your costs even further. And since you’re older, you may qualify for age-related discounts, so be to ask about those.
While you’re getting quotes, ask about umbrella coverage if you don’t have it already. This makes sense because your assets are probably substantial and likely to grow even higher now that your child is gone. Result: You have more to lose in a liability claim. Umbrella coverage typically comes in amounts of $1 million to $5 millions, with premiums starting at about $250.
Now that your child is independent, you may have opportunities to reduce your overall insurance costs.
If your child is just away at college, see about getting a distant-student credit. This usually applies to full-time students who have gone a certain distance to college and who isn’t driving a family car to campus. This credit can lower your costs nicely.
If your child has left for good, take him or her off the policy as soon as possible. This will likely result in a substantial cost reduction. While you’re at it, consider getting quotes from several other insurers to see if you can lower your costs even further. And since you’re older, you may qualify for age-related discounts, so be to ask about those.
While you’re getting quotes, ask about umbrella coverage if you don’t have it already. This makes sense because your assets are probably substantial and likely to grow even higher now that your child is gone. Result: You have more to lose in a liability claim. Umbrella coverage typically comes in amounts of $1 million to $5 millions, with premiums starting at about $250.
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Notice
By clicking any of the link(s) on this page you will be transferring from this Marsh site to a site comprised of third party content. You hereby agree that Marsh is not responsible or liable in any manner for such third party content hosted on the linked site.
Notice
By clicking any of the link(s) on this page you will be transferring from this Marsh site to a site comprised of third party content. You hereby agree that Marsh is not responsible or liable in any manner for such third party content hosted on the linked site.
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Analyze Your Auto Insurance Needs Use this tool to assess your auto insurance needs. 
Source: Forefield, Inc.
| Note | | The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose. |
Analyze Your Auto Insurance Needs Use this tool to assess your auto insurance needs.
Source: Forefield, Inc.
| Note | | The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose. |
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Shop for Auto Insurance Link to Marsh auto insurance engine.
Shop for Auto Insurance Link to Marsh auto insurance engine.
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Shop for Umbrella Liability Insurance Link to Marsh liability insurance engine.
Shop for Umbrella Liability Insurance Link to Marsh liability insurance engine.
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Learn More About Umbrella Coverage An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.
Source: Insurance Information Institute
| Note | | The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose. |
Learn More About Umbrella Coverage An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.
Source: Insurance Information Institute
| Note | | The products and services listed on this page are presented as a service to you. Neither L-3 nor Marsh recommends any product or service; there is no guarantee that any listing on this page will be suitable for a particular purpose. |
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After your child or children move out, you’ll have more time, more money, and more space than before. The challenge: to put these extra resources to good use, while adjusting to life without children. The checklist below will ease the transition.
It’s normal to be upset when your child moves out. But if your mood stays down for long, it’s time to get help.Having a child is a life-changing event. So is having a child leave the “nest.” The challenge: to work through your feelings and take advantage of your newfound financial resources. 
Now that your child has left, your financial plan may be outdated. Time to build a new one.Many of the assumptions underlying your old financial plan may now be obsolete. College tuition payments are over. You have more living space than you need. You have more time on your hands to pursue hobbies and travel—and revisit your financial plan.
Now that you have extra cash, put it to good use. Pay down your debt.You helped to launch your child into the world. How about launching yourself into a debt-free retirement?
Tired of mowing a big lawn, paying big utility bills, and cleaning a big house you no longer need? Then consider the benefits of a smaller home.Do you really need all your living space now that your child or children are living independently? More to the point, will lowering your housing expenses enhance your future retirement security? It’s time to answer that question.
Have a more secure retirement tomorrow or have more toys today. Try to make the right choice.The money you spend today not only creates a larger lifestyle in the future, it also weakens your retirement security. Don’t lose the opportunity to save more for retirement.
Now that you’re closer to retirement, “risk” may be a four-letter word. Learn how to manage it here.You’re older now. So you may have a different attitude toward risk. Time to revisit your risk profile and asset allocation—and to rebalance your investment portfolio.
What will happen if you need long-term care in the future? What are your preferences and how will you pay for care? Answer these questions today.The time to begin thinking about long-term care is not when you need it. Begin to discuss these issues with your family now, especially the financial implications of care.
Your child is out of the house. Do you need the same health insurance coverage?
Consider the possibility of taking your child off your plan. You may save some money.
Is your child still dependent on you financially? If not, then your life insurance needs may be lower—and less expensive.While your children are little, life insurance is a crucial element of financial planning. But now that they are independent, it’s time to reassess.
Without a child at home, your need for auto insurance will be less. But your liability risk may be higher. Revise your coverage today.Take advantage of lower auto insurance costs once your child leaves home. But don’t forget to protect your growing assets against liability claims.
An empty nest frees up cash. But it also may bring higher taxes.Don’t be surprised at tax time. Look into how your tax liability will change now that your child is gone.
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