429-Should I Use Whole Life Insurance as a College Savings Plan?
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 22 February 2017
⏱️ 33 minutes
🧾️ Download transcript
Summary
Listener Allyn writes in with this question: "What are your thoughts on using whole life insurance as a college savings plan? If you don't like it, why?"
My thoughts are in the show!
Joshua
- Thank you for supporting the show on Patreon! www.radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | Hey Radicals, welcome to the show. |
| 0:03.0 | This is Radical Personal Finance, the show dedicated to providing you with the knowledge, skills, |
| 0:06.8 | insight and encouragement you need to live a rich and meaningful life now while building a plan |
| 0:12.0 | for financial freedom in 10 years or less. |
| 0:14.3 | Broadcasting to you today from a very rainy afternoon here in West Palm Beach Florida at the |
| 0:22.0 | Radical Personal Finance HQ. |
| 0:24.0 | And the question of the day comes in from Alan. |
| 0:26.6 | Alan writes in and says, Joshua, |
| 0:28.6 | what are your thoughts on using whole life insurance |
| 0:31.4 | as a college savings plan. |
| 0:34.2 | If you don't like it, why? |
| 0:36.8 | If you have an episode about this already, |
| 0:38.9 | let me know which episode number. |
| 0:40.6 | Alan, thanks for writing in with the question. |
| 0:42.2 | I do not have a separate standalone |
| 0:44.4 | episode on the topic of using whole life insurance to save for college but I do have |
| 0:52.2 | some thoughts on the subject. Now, quick preamble on the topic of whole life insurance. I am not a |
| 1:01.4 | partisan on this issue. I'm not not an extremist I don't go for the perspective that you |
| 1:06.8 | should never own or purchase whole life insurance nor do I go from the perspective that |
| 1:11.8 | whole life insurance is the latest |
| 1:13.1 | greatest thing and you should put all of your money from your checking account |
| 1:16.5 | savings account withdraw every single investment into a life insurance plan I |
... |
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