<p>oldfort, you are right. That was a bad example. A better one would have been total job loss, or disabled in car crash and between medical bills and lowered disability income unable to provide as much as planned for college. Of course I have beneficiaries, though I have never been a beneficiary myself, so I don’t have a good idea of how long these things take to get paid. I wish we could count ourselves among those who have $250K in college accounts for each kid and prudently moved the money to low risk investments as kids approached college age. Alas, it was not possible for us. But yes, I agree those folks surely don’t need financial safeties.</p>