Thing is, calling a VUL "permanent insurance", IMO is stretching it. Your fund tanks, your COI's go up and suddenly you find yourself having to fork over $ or you contract lapses.... I know that's sort of an exaggeration to illustrate the point, but it does its job.
Now, I've seen VUL's with minimum guaranteed death benefits, which I suppose gives SOME credence to the "permanent insurance" label, but still, if you think about it, what truly is the point of a guaranteed minimum death benefit on a VUL???
IMO, it's like building a Lamborghini with a slightly bigger space between the driver and passenger seats, and making a point to advertise it as space for a child's seat and stroller...
Exactly what problem are you trying to solve for your client? What percentage of VUL's where people are paying premiums have you seen implode due to market changes?
Permanant life insurance is a bit like having a home with a mortgage. You own it up till the time the bank says they do. Hopefully, anyone getting a VUL understands the risk associated with it, and their agent helps them manage it effectively.
Dan