Name your 19 year old child as a beneficiary if the insurance company will permit you to select an annuity–rather than a lump sum–payout. Ask the insurance company representative / agent if you can require that any death benefit be paid out as an annuity over a period of 5 years. (I believe that 5 years is the minimum for an annuitized payout. Longer options exist, but any longer period of time may not be worthwhile if the amount of death benefit is too small to be spread out over a ten year period.)