VUL policy for insurance and college?

I've been working with an "advisor" who is recommending a VUL policy to suppliment my current life insurance as well as invest within the policy to save for my 5 yr old childs college costs and for another child on the way. The amount being put into this account is substantial with a $15K annuity transfer up front which was left to me from a parents death.

Is this a good savings vehicle for college, retirement and a reasonable cost life insurance? I think it is but am looking for some reassurance! All the 529 plans are very restrictive and do not offer a tax advantage should college not be the first choice for my children. I like the idea of handling several investrments within one vehicle, but it also makes me a bit nervous as well. I am not fully maxed on my 401K but plan to make that small adjustment shorlty.

Any thoughts or advice is welcome.

I cannot offer you the reassurance you seek.,

I am generally of the opinion that you separate life insurance needs from college savings/investing from retirement savings/investing. In spite of how they can be presented, VUL's are generally not the best single course, although there are circumstances where VUL's are appropriate vehicles to combine the multiple goals (I am just not knowledgeable enough to be able to define those).

Given the money involved, and its source, I would certainly do more research before committing to the track your "advisor" recommended.

Hope this helps.

TJ