Congratulations! The next generation of your family has made its debut, and along with that welcome bundle of joy comes a slew of questions that, as new grandparents, you’ll probably want answers to. Many will veer from the relatively insignificant (How did we end up with a redhead?) to the logical (Can I find affordable life insurance at my age?) to the slightly horrifying (Will tuition really be $130k a year when she’s 18?).
The most important questions, however, are about providing stability for your loved ones in the future: What will the world look like in the next 20 years, and how can I care for my grandchild even if I’m not around?
You won’t be able to answer the first part, so don’t even try. Not even the most savvy economist—regardless of what they might claim on your favorite news network— has the ability to predict the financial challenges that your new grandchild will face when he or she reaches adulthood.
You can, however, answer the second part easily. If you hope to leave your grandchild a legacy that’s certain, you’ll need to find an affordable life insurance policy.
If you hope to leave your grandchild a legacy that’s certain, you’ll need to find an affordable life insurance policy.
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Finding Affordable Life Insurance: Think About Your Own Future First
As new grandparents, you’re most likely more focused on your grandchild’s immediate needs—and on how you can help your son or daughter navigate those first trying months of new parenthood—than on your own needs right now. But one important way that you can help them prepare for their family’s future challenges is to think about your own needs.
For example, is your existing life insurance policy enough to cover your spouse’s or partner’s cost of living, handle any unpaid debts, and support them throughout their retirement if you pass on?
If you can’t answer in the affirmative, then it’s likely that you won’t have the monetary assets—after providing for your spouse or partner—to be able to leave your grandchildren with the kind of inheritance that reflects how much they mean to you.
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