I never had anything other than simple "bet against death" life insurance. Basic term insurance, initially enough to bury me and help my wife out, later increased significantly while my herd of kids needed to be cared for, then decreased after they were grown and on their own. I always looked at life insurance as only that, money to be received in case of my death, to help those who relied on my income. In my opinion, it is an inefficient financial vehicle to use for wealth building, retirement planing, etc.

For me, term insurance was cheap, and bought through a professional organization plan that let me increase or decrease the face amount of the policy without another physical, re-qualification or re-rating of any kind after I had the initial policy. The premium increased periodically as I aged, but was cheap for the protection it provided.