My brother and sister-in-law are both execs at a big insurance company. I asked them about this a few years ago and they said to buy 20 year term. Build up your savings over time so that you won’t need life insurance 20 years from now.

Insurance companies will often try to concentrate on certain markets (e.g. 35 years old, good health, 20 year term). So depending on your age, health, and product type, one company may offer better rates than another. For the “35 year old, good health, 20 year term” market, my brother recommended Banner, ING, West Coast Life, and Genworth.