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Empty nesters – freedom, and the money and time to enjoy it

Free at last! The children are all grown up and living their own lives, and all of a sudden you find yourself with reduced responsibilities, more time to do the things you love and a lifetime’s worth of accumulated savings and assets to provide you with more financial stability than you’ve ever had before. You may decide it’s time to downsize, maybe even get a nice little unit near the beach somewhere.

The mortgage has long since been paid off, you really only need the one car, and if you’ve planned ahead and invested wisely, you’re probably in a great position to enjoy the fruits of your labours and do all that overseas travelling you’ve been dreaming about for so long. Boredom isn’t an option – the grandchildren will certainly see to that. But at this chilled-out stage of life, do you still need life insurance?

Empty nesters still need life insurance – now as much as ever

Life insurance is extremely important for empty nesters. Although Australia enjoys a high rate of life expectancy (around 80 years for men and 85 years for women)1, the chance that one of the partners will pass away increases as we age, so it’s crucial that the remaining Life insurance is extremely important for empty nesters. Although Australia enjoys a high rate of life expectancy (around 80 years for men and 85 years for women)1, the chance that one of the partners will pass away increases as we age, so it’s crucial that the remaining spouse is looked after in the event of an untimely death spouse is looked after in the event of an untimely death.

Life insurance provides a safety net should the unexpected happen: you don’t want to have to be dipping into your hard-won savings to deal with serious illness or injury leading to your untimely death. If you still have major financial commitments and one partner dies, life insurance will help the surviving partner cope with existing financial obligations and future expenses - including medical costs, which tend to become a more prominent factor as we get older.


1 http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/4125.0main+features3110Feb%202014

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