I would like to buy Life Insurance in the near future but what kind o life insurance?

I have always sold term insurance 100% of the time and also help my clients invest. I believe life insurance with a savings plan in it are complete ripoffs since they really benefit the insurance company more than the consumer.

Here are somethings you should know about cash value life insurance.
1) They go under the name of whole life, universal life, variable life, or a mixture of these words together.
2) It only grows tax-deferred because you are losing money on your investment. For example, lets say you paid a total of $10,000 in premiums and the cash value is only $5000. That means you have a loss of $5000 and its not even tax-deductible!
3) Cash value has a low rate of return of 1-4%.
4) If you take money out of the cash value, you have just taken a loan from the cash value and you will owe loan interest of 6 - 8%. If you die someday and there is a loan due, the amount you owe will be deducted from the death benefit.
5) Your beneficiary can't collect the cash value if you die, unless otherwise stated in the policy.
6) You are protected until age 100 as long as the policy is still enforced.
7) Because of the cash value in the life insurance, premiums are said to be very expensive for the average consumer.
8) They are usually never paid up, though check your life policy to see what age when your policy is paid up. It will usually say Life Paid Up at age 98 (or 100).

Here are some things you should know about term insurance:
1) You can buy lots of coverage for the lowest possible cost.
2) Premiums remain low and leveled for as long as 5, 10, 15, 20, 25, 30, or 35 years.
3) No such thing as cash value. You decide where you want to put your money (at a bank, in investments, in your retirement plan such as 401k or an IRA).
4) Changing your insurance or changing your savings won't affect one another.
5) Many term policies contains provisions to provide coverage to age 100 such as renewable term.
6) After the level term expires, your premiums will go up.

Here are some facts about the "accidental" life insurance (which is usually just a rider):
1) They rarely pay out
2) Your beneficiary can only collect if you died from bodily injury.
3) If you did died from bodily injury, your insurance company may say otherwise and contest the medical findings.

Anyway, here is my reason why I always sold term insurance. Right now, you probably have consumer debt, have a mortgage to pay, have kids to support, and you have very little savings. God forbids something happens to you, your family won't be able to maintain the same life style. Since premiums are inexpensive for term insurance, you can afford the right amount of coverage. For a 30 year term policy of $250,000 coverage for a 30 year old, it may only cost $25/month.

Then I show the client what can happen if he invest $200/month for the next 30 years. If the mutual fund performs 12% on average, he can potentially have $706k. In 35 years, he can potentially have $1.3 million. If this was in a Roth IRA, all the money can be withdrawn tax-free after age 59 1/2.

Then I ask the client how much can he commit to building wealth for his future? It usually ranges from $100-$300/month.

I said before that premiums will go up after the level term. In 30 years, if you built 6-7 figures in your retirement, do you think you will still need life insurance for the rest of your life or as much coverage? As you get older, kids become adults, your mortgage should be paid off, and you shouldn't have too much consumer debt. So the need for life insurance decreases, but you better have lots of money saved.

The sad fact is that many people can save money, just that they don't know how to go about it or have any encouragement to do so. People rather have fun now and worry about the future later. I say worry about it now and take action to avoid this problem so that you can have fun for the rest of your life when you retire.