I still say -
An instrument that combines a form of insurance with some sort of savings account is probably not the best deal for either.
A financial trick or “call this a loan” or whatever that results in avoiding taxes results in the government sooner or later coming looking for its taxes. If you are lucky, not retroactively. If the savings are “tax-free” the government wants its taxes when the result is cashed in. Otherwise, someone somewhere is paying taxes on the fund as it grows.
What’s the old saying? The only inevitable things are death and taxes, not necessarily in that order.
Once again, why would you pay for a hefty life insurance policy when you are 75 or 80, unless you are Larry King and just had twins at that age… (But he can afford them). Once the kids are done college, the house should be paid off, your life insurance at age 65 or 75 should be unnecessary.