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Most parents spend years worrying about daycare bills, school expenses and college tuition.
Steve’s biggest financial concern is what happens if he dies before his daughters learn how to stand on their own.
The 48-year-old single father never expected to be supporting two adult children under the same roof. Yet every month, that’s exactly what he’s doing.
His oldest daughter, Emily, 26, moved out shortly after college and spent several years bouncing between marketing jobs. A series of layoffs and contract positions eventually forced her back home. She now works part-time for a local business while continuing to search for a full-time role.
His younger daughter, Ava, 22, is finishing her final year at a state university. She works part-time and covers her own car insurance and gas, but Steve still pays many of the larger expenses that come with keeping a household running.
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Neither daughter is sitting around doing nothing.
Still, neither is financially independent.
And that’s where Steve’s concern begins.
“I don’t worry about supporting them today,” he said. “I worry about what happens if I’m not here tomorrow.”
When Adult Children Are Still Dependents
The word “dependent” often brings to mind young children.
In reality, many parents continue supporting adult children well into their 20s and beyond.
Steve covers the mortgage, utilities, groceries, health insurance costs and countless expenses that don’t neatly fit into a budget spreadsheet. What started as temporary help gradually became a long-term arrangement.
The financial impact adds up.
A Savings.com survey last year found that 50% of parents with adult children provide regular financial support, with parents contributing an average of $1,474 per month. For parents supporting Gen Z adult children, the average rises to about $1,813 per month.
Steve estimates his support exceeds those figures.
“The economy is tough,” he said. “Rent is expensive. Entry-level jobs don’t pay what they used to. I understand why they’re struggling. But retirement isn’t getting any farther away for me.”
That tension is becoming increasingly common.
Parents want to help.
At the same time, many are trying to save for retirement, pay down debt and prepare for their own future.
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The Question Behind The Question
On the surface, Steve’s concern is life insurance.
Beneath that is a much bigger question.
How much responsibility does a parent have for adult children who still depend on them financially?
Financial professionals generally agree on one point: dependency matters more than age.
If someone relies on a parent’s income to keep a roof over their head, pay bills or maintain stability, the financial consequences of losing that parent can be significant regardless of whether the child is 8, 18 or 28.
That’s one reason many advisors recommend reviewing life insurance coverage whenever others depend on your income.
For single parents especially, there isn’t a second household income waiting in the wings if something unexpected happens.
More Than Just A Life Insurance Decision
Financial professionals often recommend starting with a broader planning conversation before choosing a policy.
Life insurance is one piece of the puzzle.
The bigger issue is creating a plan that protects loved ones without sacrificing a parent’s own financial future.
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For someone in Steve’s position, that could involve reviewing existing insurance coverage, updating beneficiaries, evaluating whether a revocable trust makes sense and determining how assets would actually be distributed if something happened unexpectedly.
It can also help answer practical questions.
Would his daughters be able to stay in the home?
Would they need a temporary financial cushion while becoming independent?
Would retirement accounts, savings and insurance proceeds work together the way he intends?
These are the kinds of questions financial advisors help families explore.
Rather than focusing on a single product, they can help parents evaluate multiple options, stress-test different scenarios and create a plan that aligns with both family goals and long-term financial security.
For many families, the goal isn’t simply leaving money behind.
It’s making sure that support arrives in a way that helps loved ones move forward.
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This article I’m a Single Dad, 48, Supporting Two Adult Daughters Who Won’t Move Out. Should I Get Life Insurance? originally appeared on Benzinga.com
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