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Thanks you so much for the response. Can you please tell me what is the difference between UL and WL?

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To begin with, WL stands for whole life and UL stands for universal life.
WL as the name suggest is insurance for life. This is full of guarantees. You get what you pay for. You can add extra premiums as well. That can be used for premium offset or for additional paid up insurance. Because guarantees are associated with WL, premiums are higher.

UL is basically open up version of WL. Basically a term policy with added saving element. This investment/saving portion in UL grows taxfree. In increasing face value UL, this growth can be added the face value as a part of the benefit. You need to overfund the policy to make use of this. Like any investment there are no guarantees for the return.
More flexible than WL.
Choice of cost of insurance i.e (level or Yearly renewable term YRT).

This is a very big discussion and you need to sit with an advisor.

In the end, I will try to draw an analogy.
WL is like ordering a lunch at Kalsey’s. Basically you place an order and chef will decide how much of mashed potatoes or how many of baby carrots (as and example) to add to your plate.
UL is like going to a Mandarin buffet and you decide what goes on you plate.
Basically you are on drivers seat.

Once you sit with your advisor, feel free to ask questions if any.

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Originally posted by RESP
Well I think you assume a lot
I asked for a LONGTERM life insurance, as I want to contribute to his LI so he wont have to worry ( for getting the insurance) during his adulthood. We do have our own LI and of course our son is the beneficiary. I do know how insurance work. My question was what would the best option when it comes to getting life insurance (LONGTERM, not Term Insurance) for my son.

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Of course it is your decision finally.
At this stage, it is hard for you to estimate what your son't insurance needs will be 10 - 20 years from now.
What kind of insurance he'll need, what coverage, what term, etc.
By long-term, I take it that you are thinking of whole life insurance policy.
Term insurance is cheaper than whole life insurance and it'll probably be cheaper for your son to take out his own insurance as and when he needs and whatever amount he needs.
If your concern is providing him some financial help when he begins his adult life, you can always set up a savings account or an investment account for him.
Whatever premium amount you would pay into a whole life policy, you can deposit the same into a savings/investment account for him.
He can use it as and when he needs.
Just because whole life or universal life policies have a savings/investment component built into them doesn't mean it's most optimal.
You have to decide what you want to give your son - insurance or savings.