Using Insurance for Risk Mitigation

Directions:

You are at lunch with a group of your coworkers, and your close friend, John, mentions to the group that you are studying for the Certified Financial Planner (CFP) test. The group immediately begins to ask you questions about what type of life insurance to purchase. Specifically, Tom mentions that he is planning to buy a variable life insurance policy because it has the potential to provide a good return and also allows him to save for his 3-year old child's college education. What advice would you give Tom on his choice of variable life insurance?

In your initial post, share your advice on whether variable life insurance is or is not a good choice based on what Tom's goals are for the scenario.