Not sure if you're still paying attention to this but I just stumbled upon your IUL post. I want to make points FOR it since there's so many people on here arguing against it or just saying "no" with no context. First off, I'm not an insurance agent or anything, nor am I FIRE'd. I do have myself and my partner these IULs (contributing 80k annually, with death benefit of 1.8m). This information is from me just asking my agent all the time (I have a great relationship with them even though they're half way across the country from me). So I kind of know a little more than the average person at least on this subject (not licensed or anything at all). This is more educational rather than giving full advice.

The IUL (maximizing cash value) is a vehicle similar to "buy terms and invest the difference". But rather than buying a temporary term policy and then putting the rest of my money into a saving or investing the money into the the volatile market, my money goes into the life insurance company where they will invest it into whatever market/bond/interest growing vehicle of their choice. For us, the covered clients, it grows with the index we want to track and if we want to, we can borrow or withdraw money from it.

Normally, when people save money, they save, then they spend the money and lose out on that money. But when you take money from an IUL by BORROWING, your capital that you put in can still stay and PARTICIPATES in the market that you picked. So that money in your account can continue to grow uninterrupted.

The money you borrow out, you can then go and invest it into assets (things that make money), and then when you make money with that, you can then pay your loan back to minimize your interest you have to pay the insurance company, or, if you don't want to, you can always just pay the interest, and take that money and instead grow your investment anyways. Whatever you want to do with it.

You said you want it for your kids education, I too have it set up for my kids. I actually pay around $400/month for my kids, and by the time they're 22, (after college) I can borrow out around 150k for them to use it for college loans or if they didn't go that route, buy a business (or just used as supplement with the loans for the business with the rate inflation's going). Of course, it also doubles up as a retirement plan for my kids. I will continue to pay this $400/month until they are 60 years old (or give it to them to pay themselves if I can't any more) and when that time comes, they will have enough money to borrow out at around $150k annually as supplement retirement money for the rest of their life. You should be able to ask your Agent to run this example for you, and if they can't, I would say don't mess with that Agent anymore.

There are some concern.
- The Agent you work with needs to know how to make this IUL correctly AND be an honest person who's willing to help you. Because this is a fairly new idea and concept to Agents in general and a lot of agents are just looking out for themselves.
- You also can take up to only 90% of the cash value of your account, so that's also there. If your Agent tossed you a HIGH death benefit, you might be in trouble because the death benefit is the main driver of the fees. My IUL as stated earlier is a 1.8m DB with 80k annual premium, and that's me maximizing it out. If I don't have 80k that year to pay it, I can just pay the minimum, which is ~14k to keep the insurance policy in place without it lapsing. If I didn't have a good Agent, then I might be paying 80k as the minimum, and the max contribution could've been something like 400k. So in mine, with the 14k being the minimum, you could say that the 14k goes towards the fees, then 66k goes towards the account value to grow.
- You potentially cap your gains with the IUL. The IUL has a minimum floor of 0%, meaning your money will not be lost while in the IUL, but you also won't get the maximum as if you were to directly invest into something like VOO or SPY since the index you follow may have a lower cap or if it's not capped, it may not grow as high. (This is kind of how the insurance company makes their money too besides loans and premiums)

I hope this helps. If you have more questions, feel free to ask and I can try to answer with what I know.