A serious illness to those nearing retirement or who are already retired, can have a massive impact on their cash flow in retirement.
Life insurance can mitigate this impact.
However, what would happen if one of your non-dependant adult children were to suffer a serious illness or accident?
As a parent, you would assist financially if required and this would impact heavily on your financial freedom, especially where there is the death of your child or their spouse and there is a young family left behind that need looking after.
Did you know?
- One in five families will be impacted by the death of a parent, a serious accident or illness that renders a parent unable to work*
- Two thirds of families with kids at home could not meet their expenses beyond 12 months if the main breadwinner passed away**
- 95% of families do not have adequate levels of insurance*
By encouraging your adult children to take out the appropriate levels of life insurance, you are helping them to create a safety net for them and their families.
You are also helping to protect your lifestyle in retirement, so they do not have to rely on you.