I just started a new job, and one of the benefits options is a Group Universal Life cash fund. Basically, if you open a GUL policy through work (which I am doing), you can stash money into this account, which is guaranteed to grow above 3 percent, tax on interest deferred until you withdraw it (which you can do at any time). I am wondering where's the rub? I am saving my $18k in 401k and putting $15k into each kid's 529, so this is in addition to that.
Are these plans a good idea?