A. You may have a few options in front of you, and your selection depends on your goal:
1. Lifetime Term
The cheapest lifetime term option is a guaranteed universal life, you will have no to little cash value inside the policy, but you will achieve the goal of lifetime guarantee. Since it has no cash value, the premium is a lot more reasonable than other permanent life products. With lifetime term, you will never have to worry about life insurance again.
2. 30-year Term
If you are still young or have young kids, a 30-year term is something you will need and it will ensure you have appropriate coverage if anything happens to you, your family and business are covered.
3. 10 to 20-year Term
If your kids are older, and your mortgage has been paid a few years, then a 10 to 20-year term life insurance could save you money and meet your needs.