According to the AARP, 10,000 baby boomers reach retirement age every single day, and this is a trend expected to continue into 2030. Another surprising statistic is one acquired by the National Endowment for Financial Education through a recent survey – 59% of baby boomers financially support or help their adult children aged 18 through 39. With record-high student loan debts and a difficult job market for recent college graduates, younger adults are less prepared to take care of their aging parents, and instead it’s older parents giving a helping hand to their adult children.
So where does this leave the baby boomer generation? More and more are reaching retirement age every day, while over half are still caring in part for their adult children. Final expense insurance provides a unique line of help.
Breaking Down Final Expense Insurance
Final expense insurance provides an affordable way for baby boomers to ensure their final needs are met without placing any financial burden on their children, families, or other loved ones. There are a few reasons why final expense insurance is something worth looking in to for any member of the baby boomer generation:
Simply fixed-rate insurance policies – Funeral insurance pays for a funeral and all funeral-related expenses, which only leads to an affordable premium to be paid monthly. Regardless of age or health status, final expense insurance (or funeral insurance) is within reach, and provides a benefit that will cover all of your final wishes and their related expenses.
Invasive medical testing not required – In order to qualify for a final expense insurance policy, you don’t have to go through any invasive tests of inconvenient appointments. All that is required is a simple medical questionnaire in order to qualify.
Take care of your family and your needs – For the 59% of baby boomers still caring for adult children, it’s normal to wonder how your final expenses will be covered when your children are struggling to take care of themselves and their own families. Final expense insurance allows you to invest in your wishes and takes care of these expenses without putting financial pressure on children or other family members.
Gives you an opportunity to pre-plan – When you’re deciding on your final expense insurance policy, you’ll need to figure out some of your final wishes to determine what your desired policy amount is going to be. This gives you an opportunity to pre-plan your wishes and figure out just what you want out of your memorial service.
Final Expense Insurance For All Baby Boomers
Whether you’re part of the older baby boomer generation born around 1946, or part of the younger baby boomer generation born around 1964, final expense insurance can provide peace of mind to you and your family. This easy to qualify for and simple type of insurance makes sure your final wishes are met, and that your family won’t be left picking up the financial pieces during a time of grieving. If you’re part of the baby boomer generation and you’d like to know what final expense insurance can do for you, contact us today.