Will Equity Index Universal Life Ins. benefit my family?

I need help in deciding if Equity Index Universal Life Ins. is a good option for my family to look into. I've read good and bad reviews so I'm confused. My husband is 34 and I'm 30. An Agent we spoke to informed us that we can purchase a policy for my son and in 15-18 years he will have a sum of money to pull out of the insurance to go to college. It seems just too good to be true. The agent told us that if we put $130/mo towards this life insurance, my son will be insured for $200,000 and at the age of 18 will have about $50 thousand of cash value to use for what ever he wants. This sounds pretty good since the rate of return is way higher than what we would rec'd from a CD acct from a credit union and he would only have $30 thousand with the credit union. He also told us that my son will have over $1 million in the policy to use or pass on to his kids when my son turns 65 yrs old. Can you tell me if this is a good idea for us to do for my son? Or for us? As of right now my husband and I are insured for $500,000 a piece. We have a 30 yr term life insurance. We each set aside $700/mo towards our 457 account.

The company selling the insurance is Old Mutual. The agent stated it is an international company and has been around over a hundred years.

Thanks