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Insurance commissioners partner with Amy Grant to raise consumer awareness

By Maryalene LaPonsie on June 13th, 2012

Amy Grant is working with the National Association of Insurance Commissioners to encourage baby boomers to make smart insurance decisions. The Grammy-winning singer-songwriter is part of a campaign that targets the "sandwich generation" -- those caring for both elderly parents and children.

"I think it's important for others to prepare for the inevitable twists and turns heading our way on life's journey," says Grant in a statement. "The NAIC is a great resource to get the facts and plan ahead so you can focus on what matters when life's challenges come your way."

Grant has recorded a public service announcement for the NAIC and is encouraging individuals to visit a special page of the InsureU website that is devoted to boomers. The page contains tips in the following categories:

  • College-bound kids
  • Caring for aging parents
  • Planning for retirement

Among the topics covered are health insurance, long-term care insurance and annuities. In addition, boomers are encouraged to take a closer look at their life insurance coverage.

Life insurance considerations for boomers

According to the NAIC, baby boomers should be aware not only of their own life insurance coverage but also that of their parents.

Individuals should check to see if their parents have life insurance and then learn where the policy is stored. In addition, they should double-check to ensure the beneficiary information is accurate and up to date. If a parent is not insured, the association suggests guaranteed whole life as an affordable life insurance option to pay for final expenses.

Boomers should also consider their own life insurance coverage. In households where children have graduated from college or are financially independent, parents may be able to reduce their level of coverage.

As boomers plan for their retirement, they should not neglect the role their life insurance coverage may play. Whole life policies build cash value that may be used to supplement Social Security or other retirement income.

Those with life insurance provided through an employer should check into the possibility of converting to an individual plan upon retirement. If that option is not available, boomers may want to shop for a separate term life or whole life plan. While life insurance rates are generally cheaper for younger individuals, many life insurance companies will extend coverage to seniors and those nearing retirement as well.

Maryalene LaPonsie
Maryalene LaPonsie has been writing professionally for more than a decade on topics including education, insurance and personal finance. She holds a Bachelor's Degree in Political Science from Western Michigan University.

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