Just to give you a little bit more information on my husband and myself. My husband makes about 37,000 a year and I make about 25,000. Im on commission(real estate agent). So some years I make more but average is 25,000. The only dept that we have is over house. We own our house and our payment is $1500 a month. Our home is worth about $200,000. We owe about $160,000. WE have no other dept like credit cards, car etc. We have a savings of about $10,000. We have one child who is 8 months old.

The financial planner who came to our home is from World Marketing Alliance(WMA). He told us that the VUL is tax free. Is that true. He said that after 1 year we can take out up to 90%. He suggested that we have a policy on my husband of $275.000 life insurance which would have a monthly premium of $200. We could afford to do that. And myself life insurance of $175,000 at $17.86 per month. Through my husband work we can get life insurance on my husband at $200,000 and myself for $100,000 for $21.00 per month but every month it goes up a bit. What we are wanting is a long term retirement plan and funds for college for our daughter. I guess the VUL sounded attractive because the financial planner said it is tax free. Do you have any other suggestions now that I have given you more information. Thank you so much for your time.