NO NO NO NO NO

Buy a straight level term life policy and invest the difference in your index fund in a regular account. Your insurance agent is steering you toward the Universal Life product because of the commission he'll get, upfront and ongoing.

Assuming $1200 is an appropriate premium for a smoker's $100K life insurance policy (I'd shop for rates), that leaves $1140/yr for investment. Now subtract the upfront fees on your INVESTMENT dollars (now 7.2% tax and 9.2% front load) and your annual fee of $84 (7.4% of your new investment dollars each year =load on new investment money). That doesn't sound too good to me.
Assuming a conservative investment accumulation of 10 3/4 % net after fees over the next 20 years,...
With that level of fees, 10 3/4% net after fees is NOT a conservative assumption on your investment accumulation.