Tell me you don't understand insurance without telling me.
- You may not be aware but kids are very expensive so the beneficiary of the policy is the parents in case of tragedy - It is a small investment, less then $20/month depending on amount - In case the child develops a health issue that would make insurance expensive or impossible later this would be guaranteed - As pointed out it ultimately has similar rates as bonds - I mentioned it as a consideration per OP question not as the best nor only thing to do - Saying whole life is a scam just shows you don't understand it, of course people get scammed and it often is used incorrectly per high commissions but that doesn't mean there aren't good uses beyond rich people.
- I'm not an insurance salesman, I was simply making a recommendation to explore, I know people it has benefitted in multiple ways and everyone I've gifted it to for a baby loves the policy.