It struck me as strange that as a single woman she would want to live in a neighborhood, and own a house that would need regular maintenance with a yard that would need to be mowed. Looking back I think she was motivated by a few factors: she wanted to re-create a home environment where my brother and I always had a room; and she wanted to be independent which meant owning property.
Of course, who knew that a year after moving into the house, we would learn her cancer was back with a vengeance. It turned out that buying the house was a great decision, because I was able to move in and be there to look after her. Plus, Mom had started a new job several months before learning her diagnosis, and enrolled in life insurance to make sure we’d have money for the house payment. Thank goodness she had the insight, since we used that money to stay current on the payments after she passed away.
Her decision gave us money to pay for her funeral, cover the house note, utilities, and a little bit for our savings account. We both felt that even though she was gone, she was still taking care of us!
Recently I read an article on The Shine from Yahoo, and was shocked to learn that 43% of working women have no life insurance! Even Stay at Home or Work at Home Moms, like myself, need to have a life insurance policy! I know this is something my husband and I will be discussing and learning more about, with resources from Genworth Financial.
How about you, do you have life insurance? What factored into your decision to purchase it?