by the IRS (thus, the limitation on how much you can invest in them per year). But under that limit, if you have available liquidity to pay high premiums for 5 or so years, it's a great way to purchase both life insurance and tax-free growth (and thus be your own "bank") for 20, 30 years or longer.

This is not mysterious stuff, but it's under utilized/researched because of the upfront cash requirements. If you have the ability to pay the premiums, it's a great idea. By the way, for those of you interested, you become your own "bank" by lending yourself the tax-free growth. You don't really have to pay yourself back, but when you die, all unpaid loans against your policy will be deducted from your death benefit.