IUL or 529 College Savings Plan?

The money you put into a 529 plan is tax-free only if it's used for college funding. Let's say your kid gets a scholarship and therefore you no longer need the funds to be used towards their tuition. In that case, with an IUL, you have the option to use those funds for anything even though it has been earmarked for college. Use it to buy a home or start a business! In addition, if you passed unexpectedly, your IUL would have a death benefit to be used towards anything.