Here's a pretty darn good discussion of the difference between term versus "universal" life insurance. As well as pretty good hints as to why you shouldn't purchase the latter. At least from Farmers, which allegedly markets its policies with incredibly favorable yearly interest rate assumptions -- 11.5% -- even though it knows that's not at all plausible.
My general experience with financial matters tends to support the following broad generalization: The more complicated something is, the worse it is for you. That goes for derivatives, negative amortization loans, life insurance, etc. The more complex and multifaceted a product, the more opportunities the seller has to rip you off.
Food for thought.
P.S. - Farmers nonetheless gets out of this class action. Since the plaintiffs only crystalized their good arguments in favor of class certification once the case was on appeal. Too bad.