Yes, it absolutely can. Life insurance not only protects your loved ones at death but can also provide cash for future needs. One important need is college tuition. Many people start saving for college when their children are born. Clients who purchased their whole life policies in the 1990’s were indeed fortunate to have the cash needed to supplement college costs when their other investments suffered during the market crash in 2008.
Hedging our bets when it comes to saving for the future is always a good plan.
College savings are best begun when our children are young and we have many years for the cash values and dividends to grow before the college years. A whole life policy works extremely well on a woman’s life since the cost of insurance is less.