Suggested My Children Buy Me Life Insurance

Q: I am 63 years old at poverty level income.

I returned to college on financial aid. I will stay in college until I get my Masters and (hopefully) my Ph.d, which will take a very long time.

For years, off and on, I suggested to my children to purchase a good size life insurance policy for me so they have something for themselves when I die. They have not.

I figured if... the three of them contributed to a hefty life insurance policy, like your article said,--this money would pass directly to them via contract and then they would have an inheritance--"presto".

Is this still a good idea at my age? I wonder if anyone would insure me? I am not obese, healthy, do not smoke or drink but know that something could "go" any minute at this age in spite of doing all the right things

Should I continue pushing for this life insurance thing?

A: They have to weigh the cost versus the benefits. Let’s say that they took out a life insurance policy on you. It’s possible that they could pay premiums for 20 years or more before collecting the death benefit. That means they will have to continue to come up with a payment every year until then and they may not be able to afford it.

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