Biming chen is a college student from cleveland, mississippi. soon to graduate, biming was approached recently by a life insurance agent, who set up a group meeting for several members of his fraternity. during the meeting, the agent presented six life insurance plans and was very persuasive about the benefits of a universal life insurance plan that his company calls affordable life ii. under the plan, the prospective graduate can buy $100,000 of permanent life insurance for a very low premium during the first five years and then pay a higher premium later when income presumably will have increased. biming was somewhat confused after the meeting, as were his friends. armed with your knowledge from this personal finance book, you have been asked to respond to some of their questions. do you think universal life insurance is good deal for these peoples? why or why not?