re: Give me scenarios where whole life/VUL would be a good idea to own

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How does it compare with term for the kids?

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Good question that I didn't even think to ask. I am not in position to do something like this just yet as my true wealth earning is just starting and I have other things I need to focus on first.

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Is the objective to pass wealth to grandkids, skipping a generation?

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Essentially. It will essentially allow the kids to get a high value life insurance at a low rate; hard to justify a $10M life insurance policy on someone without wealth or earning potential.

The other side of it is, they will be able to "borrow" against that cash value without having to pay it back. It just reduces the payout upon death. It sounds like a great concept, I just haven't researched it too much but wanted to throw it out there for OP as it could be something in his wheelhouse.