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so if I am planning for estate purposes, presumably a VUL makes more sense given that I can pass significant wealth down tax-free to the next generation? That's gotta be the reason, I assume?

Yes, for some the fees in a life insurance policy are less than the taxes on other options. For those people, the policy can be a mutually beneficial arrangement.

However, most of these policies are "sold" not "bought." Anyone in a situation where this might be appropriate, likely has enough money involved that they should consult a fee only financial planner (with rates comparable to a lawyer).
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