I also use life insurance as an alternative to a 529 plan for my son. Whole life policies accumulate money that you can borrow against your policy tax free. Depends on how large your policy is. A $250,000 policy can net you close to $30,000 in 20 years. So I have a life insurance policy for my son that doubles as a 529 plan, which pays for itself after 20 years (he doesn't have to pay into it anymore and it keeps multiplying). He can borrow against it for school or whatever, and he still has his life insurance intact because he's borrowing from the interest.
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