I saw it awhile ago on television that it's a life insurance policy you can use while still living such as to pay for children's college and stuff? Do they still offer this and from what company is it from?

Sure, it's a "whole life" policy. Just about every insurance company will sell this - they make TONS of money off these policies.

But you don't use the DEATH BENEFIT to pay for this. You use a small part of what you have paid in, the overpayment part, and you can borrow a very small part of your own money back. If you've paid in $5,000, you can probably borrow $1,000, but you have to pay interest to the insurance company.

I am an insurance expert (sorry, had to throw that in there in response to the other post).

Just about every company that writes life insurance writes whole life policies. These are policies that build up a cash value over time, which can then be surrendered or borrowed against. Certainly, you could borrow to pay for college.

However, you are far better off putting money into a 529 college plan and buying a term policy, this will be a more cost effective method of funding college and protecting against unexpected death.

Yes, you can buy a whole life policy to fund a child's college education, but that's like....actually I don't know what that's like. I just know it makes no sense....unless earning a 1-3% return on your money over 20 years somehow gets you excited.

Yes, you can buy a whole life policy to fund a child's college education, but that's like....actually I don't know what that's like. I just know it makes no sense....unless earning a 1-3% return on your money over 20 years somehow gets you excited.

Wow! What a pleasant surprise. Everyone had the right answer and great ones too.

Whole life is a rip off. Save for education a different way. Life insurance is NOT an investment.