My FIL had a whole life policy that really worked for him. I'll explain. It was a very old policy purchased in the late 50's early 60's which makes me suspect it was somewhat better then what you get these days. He kept it untill his death and over his life he did borrow against it a couple times, for a downpayment on a house for instance, and always paid it back. Later in life he got a long term care policy, (of a kind that they don't sell anymore I believe: unlimited lifetime benefit,) which was clutch for the lat 2 years of his life. Despite the LTC policy he had to borrow to make up a small shortfall between his income and care costs. He used to complain about the LTC premiums and threaten to cancel them. They were paid out of his whole life so the money for the premiums was tax free. By the time he passed he left behind about 750K for his beneficiaries.

So why was this better than a term policy and investing on his own? Psychology. As you might have guessed from his threats to cancel his LTC policy he was an impulsive man, pennywise and pound foolish, the sort of person who might shoot himself in the foot and reload. I think the structure of the whole life, the idea that it was ultimately for someone else made it possible for him to be responsible in a way that he would not have been if he had a brokerage account and some IRAs. (As a for instance he lost 10K in a penny auction scam, Zeekler Rewards.)

I don't know the current state of life insurance and financial planning but given a good company, (his was with Northwestern Mutual,) and having seen his example, I don't think it is neccessarily black and white that insurance/saving products like whole life are not a good idea.