Feeling Squeezed? The Sandwich Generation and how Life Insurance can help
I recently spent the weekend with a bunch of my girlfriends and we were remarking on some of the things that separate us from our parent’s generation. Things like, girl’s weekends (our mother’s never did that!) to taking care of not only our own kids but our parents (none of us remember our parents caring for their parents). We can’t scientifically explain the evolution but we know it’s real. We did speculate it could be we are all working moms who need a break from our routines once in a while, we had our children later in life than our parents did and our parent’s parents didn’t live as long.
I came home that weekend and decided to do a little research on the sandwich generation. Here’s what I learned: The PewResearch Center (it’s a great source of information and I highly recommend it) published a report titled the “Sandwich Generation”, describing the sandwich generation as those who have a living parent age 65 or older requiring care and are either raising a child under age 18 or supporting a grown child. Overall, about 47% of adults in their 40’s and 50’s are in this situation and about 15% middle aged adults provide financial support to both an aging parent and a child. They go on to say living life in the sandwich generation could be a bit stressful. Not only are there the financial considerations, but caregiving and emotional support rank high up there too. Every household is unique and the constraints, burdens and joys experienced by supporting both parents and kids will be different.
That’s where life insurance comes in. Life insurance can ease the financial burden should you pass unexpectedly. It provides you with some peace of mind that at least your collective loved ones will be financially cared for. Having life insurance protection allows you to worry about one less thing and focus more of your attention on actual caregiving and providing emotional support. At the end of the day, these are the things that matter most.
About the author: Michele Cleary has been in the business for over 35 years and holds a CLTC designation. She believes that life insurance can give you and your family peace of mind, especially when you have other things to worry about. Michele now has 4 grown children and knows that proper planning is essential. You can reach her at 1-800-651-1953 or MCleary@Pivot.com.