Quick question for those of you who chose whole life insurance policies to save for your child’s education. What policy value did you choose and what premium are you paying? I’m trying to figure out what plan I would purchase if I went down this route. TIA!

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Don't mix insurance and investments, whole life is typically a bad mix. Life insurance is for supporting dependents who rely on your income, your kid doesn't have those. Open a 529 account (likely your state's plan if you get tax benefits for that) and invest it in a low cost index fund (total market or maybe a target date based on expected enrollment) over the long term

Edit: I should mention that insurance salesmen get huge commissions on whole life so they'll tell you anything to sell it. A fee-based fiduciary financial advisor won't push these things

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If it’s northwester mutual, run away

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Whole life insurance is terrible and I have not once heard anyone suggest it should be used as a college savings vehicle.

It can take a decade plus for the cash balance to break even, which means you would only get a couple years of growth. And it will be low growth because whole life has garbage returns.

M1 called out NWM, but all of the big financial advisor companies push the same garbage.

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If I'm being honest, I've never once even looked into a whole life plan because I never heard positive things about going that route. But I also didn't do my own research, soooo.

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