If you been "studying Indexed Universal Life (IUL) products intensively", then you seem to have completely missed all the articles and papers that discuss the negatives of them.

Oh, I've read them alright, as well as lurked at numerous discussion boards about this topic. The main concerns seem to be the cap on gains and the fees charged by insurance companies.

Well, if one has a concern about the upper cap, seek an IUL that has a high cap, such as Allianz Life Pro+ whose key features are its 17% cap and 5.3% guaranteed participating loan rate.

The fees for an IUL are lower than mutual funds, retirement plan administrator fees and probably trading in your own account--if you're smart enough to beat a 17% annual ROI.