motrennoc, you asked:<< My wife and I met with the financial planner from her office yesterday. We've both recently finished our medical training and now finally have "real" jobs with a total gross income of 260K a year. We were hoping to at least put some savings into a 401(k) or IRA but were told that we couldn't due to our high incomes. (I guess a person could have worse problems.) The financial planner recommended a Variable Universal Life policy (which of course he sells) as a way for us to invest and at least let our investment grow tax free. As he worked it on paper the fees to the ins (company) would be less than the tax to the IRS and it seemed to make some sense. The fact that we could remove the money at less that 59 1/2 years old was attractive too. I'm, of course, planning on doing some foolish (should that be Foolish?) investing on my own as well. I'm pretty new to investing and retirement planning and would appreciate any thoughts you fools may have. >>A VUL can work very well as PART of a comprehensive investment and insurance plan. A VUL is a VERY complex type of life insurance contract and should be approached as one should with anything that's complex . . . with some caution and time to understand and become knowledgeable enough for you to make a good informed decision. Planning with a VUL is complex too, so be sure you are comfortable with your understanding of how it fits in with your expectation and plans for the future.It sounds like what you need first and foremost, is some help with Financial Planning . . . not just addressing one particular issue as in the subject heading in this post. You need to find out if this "financial planner" that's recommending this VUL is qualified and able to give you the kind of planning your actually looking for . . . you need to be SPECIFIC about that. By being specific, you can then measure wither or not your getting what you want from that planner.Rather than launch into anything here . . . there's a great deal of discussion going on in the Insurance Board of the Motley Fool regarding VULs and much has been talked about over many months. So there's a lot of reading you can do there and learn a lot. Try the following:http://boards.fool.com/Messages.asp?mid=13180614&bid=100156http://boards.fool.com/LastPosts.asp?limit=50&submit=Go&uid=4849039Then, after you've done some reading, you may have other specific questions that some of the pros can answer.
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