Besides favorable tax treatment of investment earnings and withdrawals, a variable life insurance policy has two other advantages over alternative savings programs. One advantage is that if the parents die before the child reaches college age, the policy's death benefit can guarantee payment of the child's college expenses. The other advantage is that, in contrast to savings programs set up according to the Uniform Gifts/Transfers to Minors Act (UGTMA), control of the funds accumulated in the variable life insurance policy does not pass to the child when he or she reaches the age of 18. The parent retains control and determines when and how the funds will be used.