Filed Under:Markets, Gen X Y

Junior is moving back, so how much life insurance will you need?

Does anyone remember the movie Failure to Launch? I think it starred Sarah J. Parker and Matthew McConaughey in a bad rom-com, where Matthew played a 35-year-old guy who still lived with his parents. What really struck me from that movie was how it was perceived, to an extent, that Matthew was a "loser" in all aspects of life because he was still living with his parents at that "old" age. He wouldn't let them enjoy their well-earned retirement. Well, that was in 2006 and, who would've thought that kids these days don't leave the home or come back to it after college because of their economic situation or debt? 
This article from Fortune explains some of the consequences of having children stay at home longer, like for example, the need for parents to have life insurance policies with better coverage. "People estimate a significant need for life insurance, but the average American that has it, only has enough to cover their family for about three years. What happens when those three years are up?" asks Chris Blunt, co-president of the Insurance and Agency Group at New York Life. 
—Lynette Gil
Life has changed over the last few decades. We're staying single longer. Having kids later or as single parents. The list goes on.

More Resources

Comments

Advertisement. Closing in 15 seconds.