Risk Idea Regarding Life Insurance

Dad approached me when I got home, saying that he wanted to know what I felt about him paying -me- money to put into savings towards a ‘life insurance fund’ instead of actually buying a policy. I’m not sure why he’s asking about this, but I’m at least entertaining the idea.

Obviously there’s huge risk involved, I mean it would take about 15 years to get to $15k (which is about what I was looking for to bury him and handle his affairs). However, once he is debt free besides the house (next year), I had planned on saving up $20k anyway just as an emergency fund. We could reach -that- goal in about 2.5 years. Maybe less if I get additional income coming in (definitely a future plan).

So I’m not sure what to do, I’ve love to hear some input. It’s basically a 3 year risk, and I only need money to bury/cremate him, and this year I’ll have all his major debt gone. It would be nice to have extra to supplement his part of the mortgage payment in case I’m not able to afford it on my own, but I’m capable of living fairly minimal, so it may not be too big of a deal (not that I plan to settle).