Back out the 3% contribution inflation, and start it 40 years back as the IUL ran 40 years, and the B&H S&P lost to the risk-factored IUL... and that's before distribution eats it.Actually, the latest figures I've been posting have no increase. Just the straight constant $150/mo. The way the sheet is set up, all the alternatives (B&H, Timed, IUL) get the exact same monthly deposit & withdrawal (if any).Which brings up another point. With your own S&P account you can increase the deposits for inflation. And increase withdrawals, too, without having to pay extra for an inflation rider.Jan'73 to Jan'13, 40 years, initial $15K, monthly deposit of $150, no increase ever. Fees: 9 bps for S&P, 22 bps for IUL. No withdrawals.Final Values:60/40 S&P500/bonds:B&H: $1,122,000IUL: $586,000# of months the IUL value was higher than the B&H value: 53 of 480 -- 11%.Largest amount ahead: $4,420Timed S&P: $1,240,000100% S&P500:B&H: $1,500,000IUL: $586,000# of months IUL was higher: 84 of 480 -- 18%Largest amount ahead: $7,620We're not talking about a 5 or 6 digit shortfall here. $7600 is not going to make the difference between getting an expensive life-saving operation or not.Timed S&P: $2,061,000I need to upload the new spreadsheet.