When Insuring Your Life, Don't Forget Those Who Gave It To You

Life Insurance

I had the pleasure of growing up in a very close family. So close, in fact, that my grandparents chose to move in with my parents a few years ago. They have their own area where they have all the privacy they'd have in their own house, and are still fairly self sufficient. As much as can be expected for an elderly couple, anyway.

That being said, though, they very much rely on my parents. My mother, in particular, who spends much of her time taking them to doctor's appointments, grocery shopping, and any other errands that may need to be done.

My parents are certainly not alone. According to 2011 U.S. survey data, over 4.6 million parents were living with their children. This is a trend that has been steadily rising since at least 2000. Given the closeness of my family as well as my husband's family, there is good reason to believe that at one point in my life, I will likely have more than one parent living with my family.

While I fully plan on having the time, as well as the financial ability (hopefully), to take care of them - this is under the assumption that we all live long, full lives. Of course there is no reason to believe this won't be the case, but that doesn't change the need to have a backup plan. You know, just in case...

Just in case an unexpected health challenge or tragedy strikes. What if something were to happen to one or both of the people who are taking care of your parents? Your grandparents? What kind of position would they be in to take care of themselves? And even more so, what kind of financial position would they be in to find housing?

The only way we can be prepared for a situation like this (which hopefully will never happen), is to have a life insurance policy that will secure the futures of not only our spouse and/or children, but also that of our parents should the need arise. Our parents are the ones who gave us life and nurtured it in the beginning, and often times the cycle comes back around and finds us taking care of them, in return.

This is assuming we will be around to do it.

When assessing your life insurance needs, everyone who relies on you should be taken into consideration. When you decide to insure your life, don't overlook those who gave it to you in the first place. They are counting on you, as you counted on them.

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.