<prompt> Human: Edit: This 500month is outside of normal expenses such as food, clothing, shelter, medical care, etc.Assistant: 529 planHuman: The whole thing? No Child Life Policy? No diversified portfolio?  <response>: The only two reasons for most people to get life insurance is if others depend on your income or if someone cosigned student loans for you. And for those you get term life insurance. Whole life insurance is a terrible idea for almost everyone. Youre not an exception.You can diversify within a 529. Personally, Id rather just invest in a taxable account because you never know what will happen, but thats just my preference. 