By: Guest Blogger Erik Brown, CFP
This educational, third-party article is provided as a courtesy by Erik Brown, CFP® , Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Erik Brown, CFP® at 614-793-2121.
The “Sandwich Generation” refers to the large number of adults who are dealing with both young children and aging parents. If you are a member of this group, it may be challenging to find a safe and reliable investment that protects your family and addresses your specific needs. However, there are more options than you may realize.
Preparing for the future.
Caring for others is a large responsibility. But, there are many steps you can take to ensure that your loved ones are taken care of if something happens to you. First, contact an estate-planning attorney to help you write a will and update it when circumstances change. Secondly, think about purchasing life insurance, which can be tailored to the specific needs of you and your family. For instance, a term life policy can provide affordable death benefit protection for a certain number of years, and may be eligible for conversion to a whole life policy at a future date. Whole life policies provide financial security later in life, and their cash value can be borrowed against to serve as an alternate source of funds as needs arise.
While there are events you can plan for, such as your retirement or your child’s education, caring for an elderly parent can be unpredictable. While savings and investment accounts can provide some assistance, so can the right insurance.
Simply put, members of the Sandwich Generation do not need to go at it alone. Term insurance, whole life insurance, and long-term care insurance are three strong solutions that can help provide financial protection for changing needs.
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