She wants me to have a little money and take care of the funeral
expenses when she passes.
Yes, you can purchase life insurance on your grandmother since their exists an insurable interest between children, parents, and grandparents.
Depending on her age and health you may be able to buy term life insurance or guaranteed acceptance life insurance coverage.
In order to apply for and purchase the life insurance policy you would need her permission and cooperation.
Here's an article explaining Over 70 Life Insurance and what options for life insurance may be available for you.
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