This foolish community is invaluable. Thanks for all the input.

No, I don't need life insurance. I have a $170,000 term life insurance policy through the state where I work that costs me about $100 per year. My wife has a similar policy through the county where she works. We don't need life insurance.

I think the planner's mouth watered while helping me find potential colleges for my oldest son when I told him about the money I had in retirement plans, and in my personal stock fund. He wanted me to withdraw or sell all of my stocks to shield them, so they wouldn't be considered as assets when I filled out my FAFSA form. And of course, he recommended shielding them by putting them in this whole life policy or Bank on Yourself plan (which I didn't realize what it was at the time).

Thanks community, I'm not stupid. I just wanted validation for what I already know I'm planning to do.