Ok, well my insurance agent just stopped by. I have been reading a lot of Suze Orman lately and decided to switch my life insurance policy. I had a Whole life/Cash Value policy which basically was a savings account with a life insurance policy too.
Patrick said that I will have to wait 2 years to claim my $245. So, in the meantime, I have to pay into the policy. I can only pay $35 instead of $68 and treat it as a term insurance policy and still let the money accrue interest. He recommended $35 to keep the policy going incase I change my mind.
This policy can be used for retirement and college funding. I was going to use it as college funding because when filling out forms for college, this does not count as an asset, where as a 529 plan does. So, thats where i'm stuck. I need to look at more college plans....