Help understanding IUL

Hello everyone, my significant other has an Indexed Universal Life policy from National Life Group that she’s been putting money into over the last several years. We’ve been having a bit of an argument over whether this policy is good for her, and I don’t think either of us understand this product enough to judge its value properly. She is currently 26, and started this policy 5 years ago when she was 21. Her agent showed her this spreadsheet, saying that she only needs to pay premiums up until her 15th year in the policy, then gets some annual income back, along with keeping the death benefit. I don’t really understand how these numbers are calculated.

I do understand that it’s most important to maximize other retirement accounts like 401k and Roth IRAs first. Past that however, is it a good idea to put money into this IUL rather than into the S&P500 with a regular investment account? We are not very high income earners currently, around $160k combined gross.

If anything, what should we be asking the agent to clarify about this policy?

Thank you!