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Originally Posted by Scanner
Jim,
I wasn't poo-pooing your decision.
And not having it count as an asset in financial aid could be a plus.
Most creative suggestion I've heard - thanks.
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I never took position you were shooting me down. I've been on enough "life insurance" discussions to know I need to come with my full Arsenal at beginning of discussion.
If you want an objective opinion, I know another group (with people which know a LOT more than me, some of which sell the stuff) which can give you another perspective.
Life insurance has a place. It is NOT a savings vehicle. However if you have a clear financial need, and want a means to accomplish it and insure against it NOT happening, there is a solution with life insurance to consider.
You need to weigh this against the likelihood your children can get aid (if assets are hidden from the calculation). You might be able to buy a 10 year term policy for each kid, invest the difference for education, and still come out ahead.
I like being creative and constructive. thx