Legal advice on college savings?

I have a large amount of money saved for my son’s college and our financial planner is telling us that we should move that money to a life insurance policy so that financial aid boards would not see it as money saved for college but as life insurance. Would that be considered fraud?
Thanks, the school we are looking at is loyola university maryland. we are talking about financial aid from the school, not the government as we would definitely not qualify for that financial aid. Are you saying the money that I move to a life insurance policy would still count against me in a financial aid application?

Powered by Yahoo! Answers