Universal life insurance as another form of retirement investment?
Currently I am contributing max each year to a ROTH IRA and 401K up to my employer's match. All that still leaves me with some money on the table that I'd like to have grow (rather than sit in a savings account doing nothing).
One thing that was presented to me by a large financial company was universal life insurance, which as they explained is a life insurance policy that you can 'overfill' and invest the excess. Then when you retire, the 'Basis' is withdraw-able tax-free and earnings are regular income taxed. So similar to a traditional IRA I guess? The projections (and past performance) they showed me were astronomical. And of course there's the life insurance portion of it.
Something about this seems "too good to be true" in my gut, so I'm skeptical. Anyone have any experiences with this type of investing?
For what its worth, I did some googling and people seem to have mixed responses, so it's not very useful.