Who knows about V.U.L. insurance policys?

Your financial planner is only thinking what is best for his own interest and not yours. All he's thinking about is how much money he going to make off of you and put all his plans on paper to make it look nice. I suggest you stop further communication with the financial planner unless he suggest you open an IRA account and invest money into there.

Here's the information about Variable Universal Life:

1) It's a permanent life insurance policy.
2) Premiums are paid for two products: The life insurance and the cash value.
3) Cash value are invested in stock market, so there is no guarantee of growth.
4) Premium payments are flexible. While you can skip paying premiums sometimes or for a long time, your cash value will be used to pay for it. By using the cash value to pay for the premiums, you have basically taken a loan from it. Interest is charged on this loan.
5) If you withdraw money from the cash value, you have taken a loan. Interest will be charged on this loan. When you pay the loan back, the interest does not go back into the cash value. It goes to the company as profits.
6) While premium payments may remain level in the beginning, the internal cost of the insurance goes up every year. That means more and more of your premiums goes to the insurance and less toward the cash value. Eventually, you will have to pay more premiums in the future to keep up with the cost.
7) The policy is laden with hidden fees, which reduces the average rate of return of your cash value. Majority of VUL policies has not receive a rate of return greater than 4%. Even though the investment itself may of done 10% or better in the past 10 years, the actual rate of return in the life insurance policy is lower than that because of the fees.
8) You have two death benefit options to select when you purchase the policy.
Option A (most common selection): Your beneficiary will only receive the face amount of the policy (minus any outstanding loans taken from the cash value). Cash value is kept by the insurance company.
Option B: Your beneficiary will receive the face amount plus the cash value. This option is very expensive to most policy owners and they usually switch from B to A as the cost of insurance becomes too great.

If you have a need to protecting your income in case you die, I suggest looking into term insurance since it's simple to understand and it doesn't build cash value. Its also very inexpensive, which should allow you to save money wherever you want (hopefully you will save it in a Roth IRA) and also allow you to buy lots of coverage for a low amount of premiums.