Whole Life Policy – what can we do with it?

Hi all, so, long story short, my partner has a whole life policy that was purchased for him as an infant, he’s now in his 30’s. It’s currently valued at a few hundred thousand (not sure the exact number) and the interest is enough to cover the premium payments. He had zero to do with setting it up (obviously) and, due to his family dynamics, still doesn’t really have any idea how it works. He has a financial advisor who has recommended that he never touches the cash value of the policy and to just let it accumulate until he dies, then it would be received by our children as part of their inheritance.

From what I’ve read and heard from others with a whole life plan, we would also have the option of borrowing against it, then paying back the money we borrowed with interest into the plan. This seems like a better utilization of the money to me as it would preserve more generational wealth, but I’m not sure if I’m misunderstanding. We have some large purchases coming up that we would like to finance, which is why this question is more relevant now.

There’s so much misinformation online and a whole life plan seems to really be a benefit in such specific scenarios that I’m having trouble identifying what, if anything, we should be taking into consideration with this account and would love to get some different perspectives.

TYIA!