Your children are grown, and you think the First National Bank of Mom & Dad is closed. Think again!
According to the recent Wall Street Journal article “The Big Squeeze” almost half of adults ages 40 to 59 provided some financial support to at least one grown child in the past year, with 27% providing the primary support. By contrast, 21% of this group are providing financial support for a parent age 65 plus.
The point is that you may still need that old life insurance policy you were thinking of dropping because your children are grown. And when you have grandchildren, the bank’s drive-up window is open 24/7.
If you are their means for financial support and are no longer here to provide it, where does your family turn to for help? The government? Social Security? Friends and other family members?
Perhaps it is time to take a financial inventory and make sure you are taking personal financial responsibility for the care of your family.
Monday, April 8th, 2013 | Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of the LIFE Foundation | Comments (0) |
Mystic Shore Insurance assists individuals and businesses in Connecticut and Rhode Island in choosing appropriate coverage plans. This firm brokers disability, funeral trusts and life insurance. The company also helps businesses draft employee retirement packages.
Hours: Mon – Fri, 8am – 6pm; Sat, 9am – noon; Sun, closed
Founding Date: Jan 2, 1998
Specialties (insurance): Life, Annuities
Type (insurance): Business, Personal
Phone: (860) 984-6762