Do I Need Life Insurance If My Children Are Adults?
Planning ahead with life insurance is a thoughtful way to help ease the financial burden on your loved ones and leave a lasting legacy.
Just over half of Americans report having at least one life insurance policy.1 For many people, life insurance is a valuable planning tool to provide added financial security to family members if they pass away unexpectedly.
While individuals often get life insurance to support their children's future, it can still be worthwhile to get a policy even after your children are grown and earning their own money. Here, we explain why empty nesters might consider life insurance and how to figure out how much coverage they may need.
Why empty nesters still need life insurance
Life insurance can be a good financial planning tool for young families, but it isn’t just for young families. There are several reasons why a life insurance policy can be valuable, even if you have adult children:
Can help support surviving beneficiaries
A life insurance policy pays cash benefits to a life insurance beneficiary upon the policyholder’s death, which can help support your surviving adult children after your passing. You may have outstanding expenses that need to be paid, and a life insurance policy can help your children do that without tapping into other inherited assets like IRAs or stock holdings.
Can help cover end-of-life expenses
Life insurance benefits can also help your adult children cover funeral expenses. Costs like a funeral, casket or urn, and burial plot can add up, and a life insurance policy can help with those costs. As such, it can help reduce the financial burden on your adult children after your death.
Can help support policyholders living on a fixed income
Depending on the policy and the insurance company, life insurance may have other benefits available to you. Permanent life insurance policies, which are active for the policyholder’s entire life, may offer cash value as a living benefit. This allows the policyholder to access cash from the policy while they’re still alive, either through direct withdrawals or by taking out a personal loan against the policy’s value.2 If you’re living on a fixed income, these benefits can be a way to help cover living expenses or unexpected expenses.
Can boost inheritance
A life insurance policy can be an asset just like others in your estate. While you may have an estate plan that dictates who will receive what assets, a life insurance policy can be an asset that you pay for during your life that can increase what your beneficiaries stand to inherit.
How much life insurance do I need?
Generally, life insurance policy premiums increase with larger death benefit amounts and highly customized plans. When deciding how much life insurance you need, you should consider the following factors:
- Premium payments: How much can you afford to spend each month on a life insurance policy premium?
- Dependents: If your children are grown, they may not need as much financial support, but you still need to consider how much they’ll need for expenses like funeral arrangements or medical bills after your death.
- Debts: Beneficiaries may use life insurance proceeds to pay outstanding debts that they might inherit. If you have an unpaid expenses make sure to factor them into your decision-making process.
- Insuring others: If you have a grown child who supports you financially, it may be worth getting a life insurance policy that covers both of you.
If you have dependents, one financial rule of thumb states that you should purchase a death benefit that is at least 10 times your annual income, plus $100,000 per child or grandchild’s college expenses you’d like to contribute to.3 Using a life insurance calculator can be a helpful way to calculate your needs.
The bottom line
Even if your children are no longer financially dependent on you, a life insurance policy can still have benefits. Not only can it provide immediate support for end-of-life expenses, but it can help your children pay debts and even increase their inheritance. Planning ahead with life insurance is a thoughtful way to help ease the financial burden on your loved ones and leave a lasting legacy.
Sources:
1 Bankrate – Life insurance facts and statistics 2025. Updated January 2, 2025. https://www.bankrate.com/insurance/life-insurance/life-insurance-statistics/. Accessed May 15, 2025.
2 Nerdwallet – What Are Life Insurance Living Benefits? Updated May 13, 2025. https://www.nerdwallet.com/article/insurance/living-benefits-life-insurance. Accessed May 15, 2025.
3 Nerdwallet– How Much Life Insurance Do I Need? Use This Calculator. Updated May 15, 2025. https://www.nerdwallet.com/article/insurance/how-much-life-insurance-do-i-need. Accessed May 20, 2025.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
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