Should I invest my home equity?

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I have been told by a financial guy that if I invest 100 thousand of my home equity into an indexed universal life (s&p 500) with level term and minimum death benefit I would gain an average of 8% on my money over the long term. My money would compound tax free and I could access it via policy loans that are only 3% which is much lower than my tax liability would be and I would never deplete the money. I am guaranteed 3% but capped at 12% on the earnings of the cash value and any interest on any outstanding loans would be corrected by the cash values in the policy. He said I should also pay off my credit cards and car loan. Another thing I should do is save about 3 months of my current income for emergencies instead of using credit cards ever again. I plan to take out an interest only motrgage at 6% to maximize my tax deductability and lower my mortgage payment. According to this plan if I wanted to I could pay off my house much sooner if I wanted to and spend about $1000 less a month.