There are many advisors and insurance agents that will tell you to use term until you become "self insured", I used to be one. The concept behind this was buy a cheap insurance plan and save money, then with the saved money you could become self insured. This implies that all human nature and circumstances are the same. I personally only know two people who did it, longtime clients of mine from my Primerica days. With all my other client for one reason or another they were not able to become self insured and had to buy new policies after 30yrs.
Armed with this knowledge, let's look at the facts, in 1993 Penn State did a study of life insurance and showed the only about 1% of term life policies pay out. This is not because the policies are bad, but because most people outlive the term period and the cost for a new term period is to expensive, when you have only been paying $25.00 per month for the last 30yrs. So knowing this, what is the best way to use a term policy? It may sound overly simple, but for protection against "defined term" debt such as.
Home mortgage- A 15yr, 20yr or 30yr term policy is perfect for you home protection, so your family will not have to sell the house if a loss occurs.
More the one child in college- A 15yr or 20yr term policy will ensure that in the event of a loss your children will still get a good education.
Personal debt of any kind over 10k- You don't want bill collectors calling your family while they are trying to deal with grief.
There are many more items we could add to this list, but the bottom line is to use term insurance like the name implies, for items we know the term period for.
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Good information, Need to find a way to disseminate this type of information to the masses. Many people don't either understand insurance and/ or believe it is a taboo topic. Lets share and educate the masses so more are able to protect their loved ones.