Does a whole life policy for children make sense?

100% YES! What you are doing is locking in their age. If you can afford to do it, the higher the better as long as you are getting a policy from a good Mutual Comany like NY Life, Mass Mutual.
The bottom line is that you would be doing a wonderful thing for your children. Over the life of the policy it would grow to be worth much more than the original benefit. Essentially, you would be giving your future generations a great gift. Additionally, your children would be able to access the cash value for anything they would like...such as education, down payment for a home...etc. Please understand that this is a long term plan, not something you will see great returns on over night, but you will see great things over your childrens life.
Plus, any cash value inside a life policy cannot be claimed as assets when you apply for educational funding.

No! Don't listen to me though. If you want the real answer don't listen to anyone who gains by answering your question! Look up the answer in any reasonable financial book found for free at the library. Even Susie Orman says don't bundle your insurance with a savings program!

JC-
If you want to listen to Suze Orman for your financial needs by all means please do so! When that doesn't work out for you, I hope you find someone ethical and responsible that would do you some good. Of all the things to say "don't listen to anyone who gains by answering your question", and then remark about Suze Orman...she is by far the most self centered, egotistical financial "guru" around! Why listen to her? By calling in to her show and asking her you are feeding her ego and her push to be the "new" Good Morning America anchor...but beyond that, I follow very strict ethics and to assume I would push a product on anyone just for my OWN GAIN you are sorely mistaken!

I would rather lose out on my own financial gain than ever jeopardize my integrity and for you to assume I am making a recommendation just for my gain is absurd! I respond to people's questions on here to offer insight, and to help them with their needs. I believe that is what most of us in the financial services profession do...

So go take your Dave Ramsey, Suze Orman advice and realize one day you will need a true professional to help you get to where you are going...Also, do you say listen to Dr. Sniderman for your Dr's advice, or how about some on air lawyer rather than going to see a lawyer for some troubles with the law...I'd doubt it...