Consequences of rolling over VUL into 529?

Question

Does anyone know of a site to guide me into cashing out surrender value of my son's varibale life policy so i can stick it into a 529 for obvious tax-free advantages as the money is used for tuition and such? Or a good answer to any clear disadvantages of doing so? I read up on Cnn/money and other sites, but very vague and hi-level. Merci!

Answer 1

Talk to the agent that sold you the VUL or the agent that you are getting the 529 plan from; many agents also sell both VUL's and 529 plans. All the websites are vague for a reason, which is everyone's situation is different and the website administrator can't give specific advice for liability and legal reasons.