Grandparents are great for passing down family recipes and stories of the “good ol’ days.” Today, an increasing number of grandparents are also raising their grandchildren. Pew Charitable Trusts data shows that 2.9 million grandparents were raising their grandchildren in 2015, compared with 2.5 million in 2005.
Oftentimes, grandparents become primary caregivers due to unforeseen circumstances. Regardless of what those circumstances may be, there are three things grandparents should consider when their chicks’ chicks are back in the nest.
Commit to safety first
The bad news is that accidental injury is the leading cause of death for children up to 14 years old, and more than a third of accident-related deaths happen in the home, according to KidsHealth.
The good news? There are a many ways to create a safe environment for little ones. Secure large furniture to walls, buy safety gates for staircases, and install outlet covers, corner protectors, security locks and appliance latches. It could also be a good time to update in-home safety features for grandparents, too. Handrails provide better grip on staircases, and anti-slip mats and grab bars in the bathroom can help with stability.
Consider the car
Also, reevaluate your auto insurance policy. Talk to an Erie Insurance agent about whether it makes more sense to add grandchildren with a driver’s license to an existing policy or take one out for them specifically. Grandparents may be able to add grandkids as secondary drivers on a policy, but should be prepared to pay higher rates since teens have more accidents than any other age group.
Enter the Youthful Driver Discount offered by Erie Insurance. Eligible licensed drivers 20 years old and under can save up to 20 percent on their car insurance. Plus, drivers under age 21 who complete an accredited driver’s education course may also be eligible for discounts.
Leave a legacy
According to LIMRA, 30 percent of households don’t have life insurance. Grandparents – regardless of whether or not they are raising their grandchildren – should still be sure this coverage is up to date.
A term life insurance policy may make sense. More affordable than a whole life policy, it provides financial security for those golden years, helps supplement retirement income and can assist with final expenses. A term life insurance policy can also help pay off a mortgage, giving grandparents peace of mind knowing that dependents have a roof over their heads.
To make sure you’re covered for all of life’s ups and downs, talk to an ERIE agent.