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Its no secret, its a variable universal life sold to us by American Express Financial Services. Being a baby Fool, I had my doubts about this investment vehicle. However, considering our debt, would this be considered a Foolish kind of thing to do to protect against the horrible nightmare that I might be killed by Aliens from outerspace? The insurance policy, in the event of my untimely demise, would PAY for our house, car, loans, and my children's education (or at least for the latter would considerably help). Similarly, my wife has life insurance also. The insurance "vehicles" require me to pay 225/mo and hers is 150/mo.

They explained to us that after 10 years AMEX lends us the money but then pays the loan back immediately from our account and "somehow" because its a policy loan we don't have to pay any taxes. In addition over time, as I get older and pay more debt down I can lower the overall pay-out of the life-insurance and thus reduce my premiums.

So on this point can you explain to me how the Wise messed with my coin and what should a Fool do in this case? Jump Ship!?

By-the-way, thanks for your input.
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