An acquaintance with Northwestern Mutual Life has been pushing my husband to invest in a VUL - variable universal life policy. We're both 40 - and he works for a Fortune 500 company with a good matching plan, pension, etc.. He already has a $1 million life ins. policy (term) - $93.00/month. Is it worth it, (he suggests investing $2,000/monthly) - for tax benefits alone?? Do you think this amount of money would be better spent paying off our home or investing elsewhere? Please advise. What are the pros/cons of this investment vehicle?? Thank you!! What are the tax benefits in terms of dollars? If you do not know he probably did not do a good job of explaining.When I looked at insurance for myself I figured if I was not going to die I was better off investing in something other than insurance. The fees in the insurance plan offset the tax savings.If you are in a high income bracket the plan maybe ok but you need to provide a lot more info. From what you gave us I would say no since you do not seem to need insurance and a VUL is more insurance than an investment.
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