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First of all, if you don't need life insurance, this is an expensive way to save. The life insurance charges & fees outweigh the taxes you save.

you have access to those retierment dollars later in life as loans or withdrawals

I believe that if you withdraw, you lose the tax advantage (and of course you reduce your cash value and possibly death benefit). If you take out a loan, it reduces your death benefit -- you're paying a bunch to borrow your own money.

If you miss the premium payment, and don't have an automatic loan set up (or your loan is maxed out) it's likely that you automatically surrender the policy.

If you want to force yourself to save, there are cheaper ways.

I only see this plan working for people who:
- need a lot of life insurance
- have maxed out their tax-deferred savings options
- can overfund the policy

BTW, are you an insurance agent?
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