<prompt> Human: When I read about whole life insurance, I see stop signs everywhere. But, it sounds like a reasonable proposition when explained by my financial advisor. I pay for the first 10 years annually with after-tax money, and when the child is 18, I can start withdrawing money for 4 years, supposedly to pay for college. By this time, the fund has grown by dividend interest rate. For MassMutual, historically this rate has been between 6 and 12 since 1978. There is no tax on the interest or on the withdrawal, and it is supposed to be more flexible in the ways I can withdraw than a 529. While whole life insurance is seen as making sense sometimes for estate planning needs of the wealthy, I dont particularly fall under that criteria. A tax-free, 6 - 12 interest sounds good. Whats the catch?  <response>: But, it sounds like a reasonable proposition when explained by my financial advisor.Of course it does. Your financial advisor likely has a large financial incentive to make it sound good to you so you buy it.Whole life insurance plans arent even good insurance plans for most people. Theyre downright awful ideas for college savings. 