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Originally Posted by The_Jazz
One of the several ways I'm saving for college for my kids is via wholelife coverage. The reason for that particular vehicle is that (along with the 3 or 4 others for each kid, including a 529) if they get scholarships or decide not to go at all, I can control the money much easier and with no penalty later on. If they need it for college, it's there, but it's also there for later on in life and an asset I can hand over when they're ready and need it without them getting penalized.
Then again, my circumstances probably differ from most others who may be buying this.
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See, this is where we get disparities. I'm Canadian, so we have other options that are better: Registered Education Savings Plans (RESPs) and the new $5,000 per year tax-free savings account announced in the latest federal budget. The first is tax deferred, the second it tax-free.
This makes whole life as a vehicle for saving for education not so attractive.