Ben G. Baldwin Jr., president and owner of Baldwin Financial Systems, says that there are correct and incorrect ways to use life insurance in retirement planning. According to Baldwin, insurance salespeople err when they present variable universal life (VUL) insurance policies as a method policyowners can use to amass capital income tax free, only then to take out that capital in retirement by "exercising the policyowner's right to withdraw cost basis from the policy income tax free and then borrow from the policy income tax free." He suggests that some agents may have ulterior motives for doing this, noting that the phrase "compound tax free" plays to policyowners "need for economic security and flexibility to deal with possible adversity in the future." The strategy also spurs people into buying a lot of life insurance to protect their families' financial future. In short, Baldwin says VUL policies should never be used for retirement income "unless absolutely necessary."