re: Indexed Universal Life policy. Who has done it?

Completely agree. Impossible to "prove" without knowing the number going in.

For me personally, the whole life would underperform by about 40% compared to expected return in S&P stocks. Even factoring in a 15% tax rate long term cap gains, I would be leaving signicant money on the table. For inheritance reasons, it could close that margin some, but that's projecting policy potentially 50 years down the road.

This doesn't even factor in tax harvesting, etc. that I can do to try to minimize this tax burden further.