What is missed fortune?

The simplified version of missed fortunate's gist is "unfortunately" very easy to get misunderstood. If you put the strategy in one sentence, it will be something like this: "Leverage your home equity by re-financing your mortgage then put the money as premiums to buy an Equity-indexed life insurance." This sounds crazy, isn't it?!
I definitely thought so initially. But the part I thought was crazy is the insurance part not so much about leveraging the equity part.

I bought a whole life insurance from New York Life almost 5 years ago but canceled in 3 months. I was young and got married during that time and I simply can't afford the policy. I know, I was not thinking then. I did research afterwards and discovered a lot of people don't like whole life insurance. So the policy only lasted 3 months and obviously I lost all the money since no surrender value had been accumulated yet.

I am learning the lessons and this time I am starting my research on insurance and trying to study as much as I can.