Life insurance is a product you don't buy for yourself. You buy it for someone you love. If so, you most likely need life insurance. Life insurance is most often needed by your family to replace your income should you die. It will also help pay for immediate expenses at the time of death, such as medical bills, burial costs, and estate taxes.
Term insurance is straightforward and inexpensive.
It is used to cover a period in your life when you are in greatest need of insurance - when you have dependent children. You can hold the policy until your children graduate from college, for example. The drawback is that the rates increase significantly as you approach retirement. You also build cash value, allowing you to save money and to borrow against your policy if you should need to. The premiums can stay level so the policy remains affordable as you get older.