The transition to an empty nest marks a significant milestone in a parent’s life, bringing a sense of sadness but also of freedom. Amid these emotional adjustments, however, it’s important to reconsider your insurance needs as well.

To help you navigate this next chapter and make sure you have the right coverage, here’s a closer look at several insurance policies you may want to review and update.

Life

As a parent, life insurance serves as an essential safety net to help ensure your kids would be taken care of should you pass. With your kids flying the coop, though, they are likely no longer depending on you financially, making it worth reevaluating your current policy to see what adjustments you want to make to the term or death benefit. Just don’t get rid of it entirely since it can still provide financial security for a spouse or partner, cover outstanding debts, and leave a legacy when you pass away.

Health care

As you get older, the right health insurance becomes even more critical for you to have. Luckily, if your children are no longer on your policy, your premium costs will likely go down. Either way, now is a good time to review your policy to ensure it aligns with your current and future health care needs.

It’s also worth considering long-term care insurance to protect against potential health-related expenses in your retirement. These policies are designed to cover the costs associated with extended care services, whether at home, in an assisted-living facility, or in a nursing home. By having this type of insurance, you can enhance your and your loved one’s financial security should you need greater help in the future.

Homeowners

Fewer people in your house means a lower risk of damage, whether from rowdy children or their friends, and potentially less high-value items like computers. Consider updating the coverage to reflect these changes in the property’s liability and possessions. Further, you can remove certain hazards that may get less use moving forward, such as from trampolines and playsets, which can lead to a lower premium and help you save.

Auto

The departure of a child could mean a shift in the number and type of vehicles you own. If your kid took a car with them and now has their own coverage, you can adjust your own accordingly. Even if they didn’t, your risk profile may still improve since fewer people means you won’t have to insure as many drivers. Be sure to inform your insurance provider of these changes to ensure you’re getting the most accurate and cost-effective coverage.

Umbrella

As your financial situation and assets evolve, you might want to consider purchasing an umbrella policy. This provides an additional layer of liability coverage, giving you even more protection when you need it the most. Umbrella insurance works in conjunction with your homeowners and auto insurance policies, helping with the cost of injuries, property damage, lawsuits, and other personal liability situations when those policies are exhausted.

The empty-nest phase brings with it a mix of emotions and adjustments, making it crucial to ensure your insurance coverage evolves with these changes to better protect your finances. Work with your insurance agent to check that you have the right policies in place.