re: College savings plan: 529 vs Whole Life

quote:

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Broke

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Didn't mean to come off as hostile in that last post, just tired of the attitude that selling the stuff disqualifies the argument (obviously much of the stigma is brought on by bad agents). As I said earlier too, in an ideal world I would use both options, small WL policy and a well funded 529 plan, securing guaranteed growth and capturing the abilities of the market. . Nobody should put everything in WL for retirement or whatever the goal. Invest as well diversification, all that jazz.


Well, for starters you wouldn't be able to just dump the $10K into the WL policy on a 10 year old(without it becoming a MEC), the gov't has put a stop to that. So, if an initial lump sum is desired, tht is an argument against doing a WL policy.

As far as overall cost of the insurance, so many variables in that it is hard to say. Depends on what company you are looking at, type of policy, what underwriting tables they are still on. Where I was going with this line of question was whether or not you were basing the cost of a WL policy off of some adult rates. Not knowing you had the ability to look at some companies policies.