One more addition

Most of universal life insurance has the worst performing mutual funds in its portfolio. Why, because insurance company got higher kick back. Plus, the insurance agent gets bigger commission for selling the universal insurance if you stay on for 2 years. So, once you buy it, the agent will be extremely nice to you for the first 2 year because he or she is afraid of you cancel it. You pay triple management fee for it:

1) Mutual Fund Management fee
2) Insurance company fee (as high as 2% a year)
3) Insurance Agent commission

I recommend you buy a simple term-life insurance and invest rest of money by your own.