What a dilemma?
I probably have a different outlook to many regarding death as my Mum died when I was 7, over 55 years ago.
Your kids will know that people do not live forever, so why not tell them ‘Grandad is not very well”, despite appearances, and get them to enjoy his company for as long as possible, which as you say, could be many years down the line.
They should travel his ‘journey’ (I hate that expression), together with the rest of the family.
Not sure whether this helps at all, but best of luck.
Cheers, John.