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.
