I don't know the details, but I know enough about life insurance to say this. Something in the OP is dead wrong. I'd bet anything on that. If I had to guess, I would say that the cash value numbers sound reasonable for whole life, but the premium sounds too low. My first instinct is that someone mixed up annual premium with monthly premium, but it's not off by THAT much, probably off by closer to a factor of 4.
It's totally possible though that the broker knows the pricing is changing for that company. It's common that when an updated version of an insurance product is about to be launched the brokers try to make a "firesale" of the old one.
Also, it's no chiddush that until your half birthday your life insurance age rounds down. 1.5 year old is a 1 year old.