In addition to paying a death benefit, a whole life policy allows accumulation of cash value that the policy owner receives if the policy is surrendered. (ok.gov)
As a universal life insurance product, it also offers death benefits, flexible premiums, and tax - deferred accumulation of cash value. (insure.com)
Proper design for this strategy would entail the use of some options to allow faster accumulation of cash value. (insuranceandestates.com)