Full disclosure, I'm a Financial Advisor I don't know what your needs are so I'm not giving you any advice in this post, I'm just trying to answer your question. I'll also preface by saying that I'm a believer in life insurance, it's not because I sell it (it's bitter-sweet, b/c we didn't really want the proceeds from it as we would rather have the family member still with us
) but the fact is Life Insurance has come through for my family.
Let's get to your question! There are a few different kinds of Life Insurance. What you end up choosing depends on what your needs are, how long you want to keep it for and ultimately how much you are willing to pay.
Term Insurance is the most basic and cheapest type of insurance. Term insurance is normally used to cover a temporary insurance need, an example being to cover a mortgage while the loan is outstanding; once paid off, the insurance might be cancelled because there's no more debt obligation. Sometimes people have a permanent insurance need (i.e. tax liabilities after death, probate fee, or funds to pay for final (funeral) expenses) but they still may choose a term insurance policy because it's relatively cheap and perhaps all they can afford. A major disadvantage with a term policy are usually the terms are for 10 or 20 years; after the 10 or 20 year period is up, the premium goes up. Also, term policies usually have an expiry date at age 80 (older policies might be even earlier), if someone dies shortly after a policy expires, it won't pay anything. Term policies don't usually last that long anyways b/c the renewal premiums when someone is in their 70's is usually so high that they probably can't afford it.
Permanent insurance provides a life time insurance protection and normally the premiums are fixed at the start of the policy and will never increase. The initial cost though is higher than for term. While Term Insurance might not pay out (if policy is cancelled or expires) Permanent Insurance will be paid out sooner or later. Most permanent policies have an investment component that grows tax deferred. When discussing permanent insurance you might hear stuff like Universal Life, Whole Life, Cash Value, Pay Life, Limited Pay, etc... I think it's good to focus (if you can afford the higher premiums) on a Limited Pay option, such as pay premiums for 20 years; after the 20 years are up you won't need to make anymore payments but you get to keep the policy for life.
An analogy used is Term insurance is like renting a place, you pay as long as you rent but you will never own the place and once you move out you'll get nothing back. Permanent insurance is like buying a home and paying a mortgage. Once the mortgage is paid off, you own the home. If you decide you don't want the place anymore you can sell it and get some money back.
Note that it is also possible to have a combination of term and permanent insurance coverage. Message me if you want more info.
This is the basics! Whatever you decide, get it early; it gets more expensive as you get older and if your health is not good you may not qualify. Good luck!
TL/DR:
Term Insurance
Pro: Simple & relatively inexpensive
Con: Temporary, get nothing back if cancel, can expire.
Permanent
Pro: Life time coverage, will payout sooner or later, investment component, and premium (cost) usually never changes
Con: more expensive than term.
Buy early, 'cuz it's cheaper when you are young and healthy!
*Should also look into and consider Critical illness insurance.