Welcome back everyone. It's Finance Friday, another special edition of Money Girl

where I answer your burning money questions. Today's question is from Ivy who says,

hi Laura I'm happy I started listening last year and have learned a lot. An insurance

agent wants me to buy an indexed universal life insurance policy.

She suggested I use it for my child's college expenses instead of a 529 plan, but I feel

uneasy about it. What do you think about who should buy cash value life

insurance? Thank you for your question, Ivy. Life insurance, when properly used, is an incredibly versatile financial product.

However, I think there's so much confusion about it because there are lots of different types of life insurance and there are lots of subcategories of

of those types of policies and there are add-ons that you can choose to put onto policies for even more benefits.

So when you kind of add all that up, life insurance can be a pretty confusing and I think

often misunderstood type of financial product.

Plus, life insurance agents do get paid a commission and you know there's nothing wrong with that.

They are working in their field just like

any other professional so you do have to be wary of getting sold a product that you may

not need this podcast will answer Ivy's question by reviewing ways to use

cash value life insurance to protect your loved ones and provide growth and income when

it's suitable for your financial situation. I want to

welcome you back and thank you for joining me. I'm Laura Adams and a word-winning

personal finance author, money speaker, founder of the Money Stack newsletter, and host of this

podcast Money Girl with 43 million downloads. If you're not already

subscribed to the show, please do that.

That's the best way to make sure you never miss an episode.

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