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If I were to use life insurance for "late college planning" (high school sophomore and juniors)... I'd have to use an IUL with waiver of surrender charges on the parents, so there's 100%+ liquidity of what is being contributed. Of course, there may be a higher risk of chargeback and that's included in the commission agreement up to 3 years... but that would be the only way I could ethically do it.