A: I don't think it is a good idea to combine insurance with investing. If you want insurance buy insurance. If you want an investment then talk investments.

When investing for college you want an investment that is going to provide you with a good return over a long period of time.

I believe your idea of investing in a stock mutual fund is a good one. I would recommend the Vanguard Index 500 Fund for starters (800-662-7447). It is a growth fund that has returned over 15 percent a year over the last 5 to 10 years.

But keep in mind that you will have to invest at least $240 or more a month to have enough money to fund your child's four year education that might cost $15,000 a year today. That assumes your money will grow at least 10 percent a year.

By the time your child is ready for college you will have accumulated about $91,000. I would recommend investing in your own name and not putting it in a custodial account. Because when the child becomes of age he/she could use the money for any reason they may choose and not for college.

Plus financial aid formulas generally assume that almost all the money in the child's name can be used for college. This might cut them off from financial aid.