I'm with wilch23 and a few others: I'm just not sold on insurance with investment feature. I prefer to keep my investments as investments, and my insurance as insurance (so I only get term).
I will recommend VULs to those who do not have the discipline to invest on, say, a monthly basis. Because with VULs, "forced to good ka na".
Mathematically, it makes more financial sense to invest in mutual funds, and keep the insurance separate. But, as someone said, success in personal finance and investing is more behavioral than mathematical. So, if you don't have the discipline and the habit (the behavior) to keep investing, then VULs might be better for you (i.e., better than nothing). Just know that, well, in my opinion, it is the inferior way to go about growing your money.