Why my mother and I bought life insurance to protect each other – Get our quote in a couple of minutes

Personal Finance Insider writes about products, strategies and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reports and recommendations are always independent and objective. "I don't want you to spend your money on me," said my mother, shaking her head as she both poured us coffee. We were sitting at his kitchen table talking about money, the same place where many financial discussions had taken place over the years. We hugged each other and I reminded her that I was only returning her love and concerns. After the divorce, he kept his life insurance policy and renamed me beneficiary. Life insurance is one of those uncomfortable topics for family discussion. Yet in life, death and taxes are certain. And so, as I entered a new phase of life – turning 50 and going from many years of hospital infirmary to a career as a freelance writer – I gave myself a Thanksgiving deadline to buy a new life insurance policy. It was time for my mother to agree or not. A reminder of the value of life insurance I had life insurance for many years when my son was young and dependent on me. I also kept a mortgage insurance on my condominium for him. These policies have followed their course. My son has now grown up and married to his own condominium. For many years I have not had life insurance coverage because there was no need for it. Recently, though, I found myself thinking about it – definitely not because I missed paying for the premiums. Maybe because I saw two of my friends who were almost homeless after the sudden death of her husband. Neither husband had life insurance and one of them had a teenage daughter. This prompted me to take a closer look at life insurance, even if I was single. It was hitting too close to home. My friends had discussed life insurance with their husbands many times. Although they understood the importance, it had become one of those things they intended to get around "one day". After her husband died, I helped a friend find documents in her office. He had found a life insurance policy issued by his employer that only needed his signature. We were both amazed. She stared at him in shock. "He always thought there would be another tomorrow. He never wanted to talk about dying." Since their husbands were the main heads of families in their families, my friends were left with mortgages and all household expenses. It was excruciating to see them overwhelmed by pain and struggling to manage daily life and the avalanche of unpaid bills. the friend had to launch a crowdfunding campaign to help with her husband's funeral and bills. My other friend was forced to sell her house to avoid foreclosure. Eventually they both stood up with the help of their communities, but they endured so much undue stress that a life insurance policy could have eased. Assessing my political needs This made me think of my 83 year old mom. As a German immigrant who survived the Second World War, she has always lived in a frugal way. Even if she doesn't depend on me financially and she is in excellent health, I don't want to burden her with the expenses related to my premature death. Since we are both single, we decided to protect each other with life insurance. Even though my mother had implemented her policy for me, she initially resisted my reciprocity. She is one of those parents who made every sacrifice for us children and has always been strongly independent. My brothers and I joke that she is stubborn German in her. However, when I shared my concerns with her that social security might eventually run out, I helped persuade her to let her be named as a beneficiary of my policy. , I purchased a five-year policy worth $ 50,000. My payments are $ 40 a month, or about eight lattes in the coffee currency. Definitely convenient and well worth it. Decide when, how much and for whom it is a personal decision Financial experts offer mixed life insurance advice. Of course, if you are a young married couple with a newborn baby, a policy is crucial. The main function of life insurance is to replace income for those who are financially dependent on it. It can also help offset funeral expenses and liquidate all outstanding debts that the policyholder may have, but life insurance has another purpose: peace of mind. That's why I chose to have it. I sleep better knowing that my mother would be protected if something should happen. So if you're in a unique situation, wondering if you really need life insurance, in the end it's your life and your choice whether to insure it or not. I would recommend having one of those uncomfortable conversations with your family and evaluating your life insurance needs, just like you would with health or automotive insurance. Your life insurance needs are as unique as you are and there are affordable policies available at every stage of life. There isn't much that hasn't been said between my mother and me. You know how much I appreciate and love you. So, there were only a few words in the sealed note that I enclose with your copy of my policy: "Ich liebe dich". Which means "I love you" in German. Are you looking for life insurance to protect your loved ones? Policygenius can help you ensure the right policy »