The short answer? Most people should buy 20-year or 30-year level premium term insurance.
This type of insurance offers the lowest cost for most people during their working/providing years. Of course, there can be reasons why another type of life insurance would be more appropriate, but, for most people, most of the time this is what I recommend. The main problem with this type of coverage is that it does not last until death, unless death occurs “prematurely.” However, for most people “premature death” is the life risk exposure that needs to be funded, and temporary life insurance during the “premature” period is the least expensive solution to this problem. This risk can cause great suffering to children and spouses when a breadwinner dies. Prematurely.¹
¹ I can still recall the Mutual of Omaha life insurance salesman who called on me when I was first married. We were sitting at the kitchen table in our small apartment. Looking over his eyeglasses, he would say, “Mr. Goodin, what if, God forbid, you should die prematurely?”
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