Payments Annuity

My husband and I purchased a Variable Life Insurance annuity policy, and now we’re wondering if it was a smart investment. We are in our late twenties and make very good money. We bought the policy for retirement purposes. We no longer contribute to employer 401k plans are they are not matched by the employer, and we make too much money for a Roth IRA acct. So all the money we are saving for retirement goes into this annuity. There’s a minimum premium is $1700 quarterly, but we try to pay $3500 quarterly to fund it faster. After 7yrs it will be fully funded and then we can borrow against it at a lowe interest rate (which we don’t plan on doing) or keeping it until we are ready to withdraw from it when we retire. Is this a smart thing to do for us, considering our situation in our current tax bracket? We feel that we ware now in a higher tax bracket than we would be when we retire, so contributing after-tax dollars right now seemed like a good idea. Please help. I think we should have gotten a second opinion before we bought this policy.