That strategy could work but I would never put all my savings into it. First off you need to be healthy and on the younger side as cost of insurance charges would be too high if you are old or have a medical impairment. Also purchase the lowest death benefit you can so more of the premium payment is going into the interest credited acct.

Good luck finding the agent willing to give up comp to give you the high early cash value. Also, if you do have a huge gain over 20+ years & take loan against policy you better make sure it stays in force until you die or you have to pay tax on all those gains.