Becoming "Later In Life" Parents - Baker & Baker Benefits

Life Insurance Needs For Older Parents

In the past 25 years, there has been a growing trend to postpone parenthood until later in life. Many Canadians are choosing to focus on career, financial security, and other pursuits, before starting to raise a family.

For those who wait until later in life to start a family, certain financial considerations must be made. The time a couple may wish to retire may also coincide with major expenses such as higher education, weddings, etc. Careful consideration must be given in order to ensure that not only the needs of the child(ren) are met, but also reflect the parents’ retirement plans. It is therefore important to review your life insurance policy with these goals in mind.

Parents who have children later in life also need to consider the fact that health concerns may change as they get older. As well as sufficient health insurance coverage, older parents may wish to purchase disability insurance in order to provide for their family in case of prolonged illness. Disability insurance provides protection against serious illness or accident and provides a monthly benefit when you are unable to work.

Having children later in life does not necessarily mean putting off retirement. With careful financial planning, both goals can be realized.

With permanent life insurance, you can achieve your retirement goals via estate planning and wealth transfer options.

We recommend that you consult with your insurance broker to see if your current life insurance policy reflects your goals, and is adequate to provide for these needs.