My in-laws want to buy a whole life insurance policy for my son and want to know what my wife and I think. Specifically, it's the Gerber Life Grow-Up Plan.
I don't know much about whole life insurance except for the basic difference it has from term life.
After some cursory research it seems like their money could be better invested in something else if they want to leave him something with value, but I'm not really comfortable telling them how to spend their money. But my biggest area of discomfort is still my lack of knowledge about how it would actually work. I'm having trouble finding anything about it that isn't trying to sell it to me.
What do?