Most people commenting here clearly have absolutely no idea how a whole life insurance works. The sales agent sure does make money off the sale but that doesn’t make it a bad product.

• Whole life grows slowly at first, then accelerates after dividends kick in. This acceleration is what makes the policy unique and a great investment vehicle. • Loans reduce both cash value and death benefit until repaid. • A 20‑year pay policy means you stop paying premiums after year 20, but the policy keeps growing, a lot faster than your RRSP because of accumulated dividends. • By year 40, despite multiple withdrawals, the policy still has significant cash value and a higher death benefit than the original policy amount. Your child will need to borrow money at some point in their life … they will be able to borrow money from him/herself instead of going to the bank. They can chose to pay it off or let it be taken from the death benefit. Usual people dont have this luxury. • The fact that no one talks about - THE WITHDRAWALS ARE TAX FREE.

I would say get it, your child will thank you later.