Whole life insurance for kids

[Lisa Arkowski]

Hey BP community, 

I've always heard that whole life insurance is a rip off and my husband and I have good term life policies. But recently I talked to someone that took a policy out on his son 25 years ago and now the son was able to borrow from it, use that to start his real estate investment portfolio, and then pay it back when he refinanced the property. 

Has anyone here done this? I've got a couple young kids and I'm looking at ways to set them up to be able to get into real estate younger than I was able. Is this a worthwhile route to go? Any companies you'd recommend looking into?

Thanks!