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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 |
|
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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Reassess Your Life Insurance Needs
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If your children are financially self-supporting, then if you or your spouses were to die, the financial impact on them might be limited. In this cases, you should contact your life insurance agent or company to see if it makes sense to revise your approach to life insurance.
On the other hand, you may have reasons to potentially increase your coverage. For example, if you or your child borrowed heavily to pay for college, life insurance could relieve them of this burden if something were to happen to you.
Get an online assessment of how much life insurance you should have.
If your children are financially self-supporting, then if you or your spouses were to die, the financial impact on them might be limited. In this cases, you should contact your life insurance agent or company to see if it makes sense to revise your approach to life insurance.
On the other hand, you may have reasons to potentially increase your coverage. For example, if you or your child borrowed heavily to pay for college, life insurance could relieve them of this burden if something were to happen to you.
Get an online assessment of how much life insurance you should have.
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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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How much life insurance do I need?
The answer isn't really how much life insurance you need, it's how much money your family will need after you're gone. Ask yourself:
- How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
- How much money will my family need to maintain their standard of living over the long run?
Use this online calculator to get a personalized assessment of your life insurance needs:
How much life insurance do I need?
The answer isn't really how much life insurance you need, it's how much money your family will need after you're gone. Ask yourself:
- How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
- How much money will my family need to maintain their standard of living over the long run?
Use this online calculator to get a personalized assessment of your life insurance needs:
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Learn More about Life Insurance
Most of us have some sort of life insurance... either through work or a policy bought from an agent. But is your current coverage enough? And what type is right for you?
The tools and resources you'll find here will help you understand the issues and make informed decisions regarding life insurance for yourself and your family.
Learn More about Life Insurance
Most of us have some sort of life insurance... either through work or a policy bought from an agent. But is your current coverage enough? And what type is right for you?
The tools and resources you'll find here will help you understand the issues and make informed decisions regarding life insurance for yourself and your family.
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Copyright, Life and Health Foundation for Education
Copyright, Life and Health Foundation for Education
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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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