Life policy can be used for college and home renovations?

You would have to build up the cash value and the whole life policies are very expensive. I know someone who has been paying million dollar policy since 1992, between 7-9k a year (two people) has built up 400k cash value but can you imagine that money invested?

I've never met a single person who had a whole life policy who was of the opinion that it was a good purchase. The problem with whole life is that it tries to mix two things: insurance and investment. And it is inferior for both of those things. If you earn a high enough income (probably above $500k/year as a single) then there are some strategies for significant tax savings with a whole life policy. But apart from that, whole life is essentially inferior in every way that matters for someone on the path to FI.

Remember: "whole life policies aren't bought, they are sold." The idea is that nobody trying to solve a particular financial problem comes up with whole life as the answer. Someone has to go out and sell it by convincing people that it is a good product. They (the insurance companies and salesmen) have a huge incentive to do this because the commissions on these products are eye-wateringly large.

Ask yourself this: "would I invest in a mutual fund with front-end/back-end load?" Your willingness to dump money on whole life should be on the same level as your willingness to buy a mutual fund with a load. Which is to say that if you are in this forum and this community, you probably think that a loaded mutual fund as the worst possible idea. QED.