What kind of insurance should I buy...
The short answer.
The short answer? Most people should buy 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." It is not permanent. But, for most people permanent insurance is an expensive, and unnecessary choice. For most people the risk of "premature" death is the one that needs to be insured. This is the risk that can cause great suffering to children and spouses when a breadwinner dies. Prematurely.1
Other applications.
Other applications of the life insurance idea are more suited to other types of insurance, including "permanent" insurance solutions. And there are many variations on the permanent theme, both fixed interest types, and variable account types.
One such application is the "pension maximization" concept. In my opinion this concept makes sense for many people who are in good health, and who are facing the irrevocable decision to elect reduced pension benefits in favor of a survivor option.
Pension maximization and other applications will be discussed here in the future.
1I can still recall the 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?"