The savings or investment component may be based on the company's fixed income investments. Or your plan may allow you to choose the company's segregated funds. Insurability and the terms of the policy will set the limit. These accounts are not registered as RESPs. No, but there are medical conditions.
Premiums increase with age, and it does take time for the cash value to grow.
No tax liability on earnings until they are withdrawn, then they may be taxable in that year. Death benefits are normally tax-exempt. There are no restrictions. You can surrender the policy for its cash surrender value. The policy ends when you stop paying the premiums, when the policy is surrendered for its cash values, or on the death of the insured person.