You have a goal of wanting to provide some assurance to your family that they will be taken care of financially if anything unfortunate happens to you. After graduation you will be hounded by insurance agents interested in selling you whole life or universal life insurance. Assume (realistically) that there is a plan which you pay $450 per month for 20 years, and then you have your ($100,000 life insurance policy paid up for life (you never have to pay any more premiums, but you are guaranteed a $100,000 payout when you die). You make payments at the end of each month for a total of 240 payments. You want to compare the value of that plan to buying term insurance which costs you $95 per month for a $100,000 policy with the rate guaranteed for 20 years (in other words you would pay the $95 monthly premium for 20 years, then drop the policy and your coverage would end). The relevant comparison is to look at investing the difference (between the $450 and the $95) and see how long it would take you to accumulate the $100,000 in an account so you could self-insure. Assume you can earn 8% (annual) on the invested difference. How long will it take you to accumulate $100,000? How much will you have accumulated at the end of 20 years? Solve the problem using the Brute Force Method for finding monthly Future Values in a spreadsheet. Should you buy the universal life, or buy the term insurance then self-insure?