Quoting min.:" <blockquote><b>Quoting Smartass *TTC*:</b>" As I said before, my parents have a ... [snip!] ... peopl use it as a private piggy bank when someones death would have no financial burden on them. Its a payout and shouldnt be."
I only know about it because when I got insurance on my son the lady mentioned the one my mother took out on me. My mother never told me.
Life insurance is not designated for anything. I have so much on my son, 200k, that would not just pay for a funeral, that would give me as much time as I needed to not work and grieve. I will always have that money on him. To pay his funeral, to spoil his kids, to pay for therapy for myself, whatever I WANT to do with it. It can be my personal piggy bank if I want it to, because I AM the one who paid into it.
It's my policy, ON him. Not HIS policy.