IUL Help

If this isn’t allowed take it down. I posted this on a financial advice page and everyone was dead set against it. I would like any other opinions before I go and cancel this. I am a 26 y/o healthy individual. I opened an IUL policy a few months ago and I have made 3 payments of $700 per month since then. It’s is supposed to track the S&P if I’m not mistaken and give on average 6% returns and I know that’s not guaranteed and there is also a cap on returns I believe at 10%. I will be paying $8,400 per year until I am 60 unless I cancel of course. The first 10 years I will basically pay the company $20 something hundred dollars per year and after that it goes down quiet a bit. The death benefit is $738k. My planner told me that by age 60 I can retire and have $118k per year tax free at retirement which I liked because I could hopefully live comfortably and also leave my children and wife money after I am gone. My concern is maybe this is too good to be true and I’ve talked to a couple people who say $700 per month is expensive. I talked to my planner/agent whatever his title is and he said that is because they don’t understand how it works. I honestly thought I was doing the right thing by doing this and giving myself a solid future, but now I think I made a mistake. Can someone please help me out because If I’m wasting time and money I’d like to get out now rather than later. All the stuff I read on it is people either calling it a scam or people praising it. I just want to make smart financial decisions and not look back in 30 years and kick myself. Thanks for any help.