Transitioning to life as an “empty nester” comes with more than just an emotional adjustment. Older adults with grown children – whether you live in Calgary, Spruce Grove, Grande Prairie, Fort McMurray or wherever – who no longer living at home have a lot more lifestyle freedom than they may be used to. It’s a good idea to review your insurance coverage whenever you go through life changes of this magnitude. Here’s a few words of expert advice for those getting used to an empty nest:
- Build a personal support network by drawing on the experiences of family members and friends who have already made the “empty nest” transitions. They can be a great resource
- Make a list of all the things you’d like to do with your new-found freedom; this is a good way to stay focused on the positives
- Manage “big picture” plans by breaking them down into smaller steps; this makes major transitions seem far less daunting
- Allow yourself to have mixed feelings about the situation; getting adjusted will take some time, and you need to let yourself work through the full gamut of emotions without guilt or reservation
- Continue to make your children a major part of your life while accepting that they’ve grown up and have lives of their own to lead
When you’re ready to start thinking about your insurance coverage, there are some questions and issues to make a priority.
Are You Carrying Life Insurance?
Personal finance experts – and especially in Calgary’s volatile market – stress the importance of carrying life insurance. It can double as a tax-shielded investment while providing your children and loved ones with an added layer of financial security. If you’ve neglected to add it to your portfolio, don’t worry. It’s never too late to purchase life insurance, even if you have a preexisting health condition, and providers offer a wide range of coverage options to people from all walks of life.
Planning to Travel?
If you’re planning to do some travelling and your journeys will take you elsewhere for an extended period of time, you’ll have some extra home insurance considerations to think about. Unattended properties are subject to exclusions and limitations that can invalidate your coverage, so be sure to inform your insurance provider if you’re planning an extended trip and find out the case-specific details regarding the steps you need to take to maintain continuous coverage until your return.
While you’re at it, don’t forget about travel insurance. Even minor bumps and bruises can lead to costly hospital stays and medical bills, to say nothing of the potentially catastrophic consequences of a major health event in a foreign country. Don’t take chances; it’s far better to invest in a good travel insurance policy than it is to roll the dice on nothing going wrong.
Will You Be Renting Out Your Residence while You’re Away?
Websites like Airbnb have made it easy for homeowners to generate extra income from their primary and secondary properties. If you’re headed off for the winter, or if you’re planning a lengthy trip and you want to rent out your real estate to visitors or vacationers, be sure to address the insurance considerations that will arise. Don’t risk becoming the next vacation rental horror story. Cover your bases, even if the website or broker you’re working with claims to automatically include insurance coverage.
Insurance in Calgary From Lane’s: For All Your Coverage Needs
Lane’s Insurance is a leading Alberta-based brokerage, providing comprehensive insurance products for Calgary residents and people throughout the province. Lane’s is your one-stop shop for all your coverage needs, offering everything from home, auto, life and travel insurance to money-saving bundles for holders of multiple policies. A free quote from us costs nothing!