<p>My wife died recently and the term life insurance payout is substantial. Because of her sickness and death my income is down substantially.
Next year I will have three kids in private colleges,
My plan is to not to collect that $ for the next four years (leave it with the ins co.) OR to change the beneficiary to my oldest child who is out of college and in mid 20s.
Questions:
Is this an effective strategy?
Is it unethical?</p>
<p>Thanks much!</p>