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Originally Posted by calgarygeologist
Today my mom, 56, mentioned that she was considering getting some sort of life insurance and asked for my opinion. I know very little about insurance so I'm hoping to get some useful information here. She basically said that her thinking was that a smaller life insurance policy, about $150000, would be a nice addition to her assets and that she would put the insurance beneficiaries as my kids and they can use the money for school or whatever.
She previously had some term insurance when she was younger and was raising kids and pay off debt but she dumped the policy 10 years ago or so. Getting into a new policy at 56 doesn't seem like the best idea. Can anyone provide comments and opinions on this? If she does go ahead and get a policy what would be the best option for someone her age?
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I handle this stuff and nothing you've posted about your mom says she needs life insurance. It'd be expensive at her age. I'd suggest she take those premiums and spend them on the kids or grandkids while she's alive - family dinners, family vacation, contributing to grandkids' RESPs, that kind of thing. I could call her and talk her out of this. 😉