motrnnoc posted..

"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. "

A variable annuity can be used to shelter the interest from taxes. Lower cost Variable Annuities can be purchased directly from Vanguard, T Rowe Price or other non-insurance sources. I suggest your read up on variable annuities.

With your combined income, you will eventually need a more complex financial plan but at this point a VUL may be a bit of over kill.

BGP