There are a variety of strategies for using life insurance to pay for college or help you get financing. Some basic ones would be borrowing from the cash value of a policy if it has been in force long enough. Parents will often take out a life insurance policy on themselves to cover their child's college if the parent should die prematurely. There are some other more complicated strategies. A good agent with experience in college planning may be able to help.
Insurance Advisor, Lordship Insurance Services, California
College is very expensive ( I have 2 children in college now and 3 more entering in 2 years) and for a family trying to determine the best way to deal with this is a challenge. Insurance that accumulates cash value can indeed help defray some costs but you would need to have started while your children were very young and even then you probably would only have funds to help, not pay for it all. I would suggest you talk to your Insurance Agent and see what other options may be available to you to help with those costs.
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This is usually a bad idea and a very expensive way to accumulate cash for any reason, including college education.
Your ROR (rate of return) on cash accumulation is quite low. Consider other options before buying life insurance to fund college expenses.