Purchasing a more expensive whole or universal life policy could encourage you to get less than you need or force you to drop the policy if financial difficulties make the premiums unaffordable.

FORBES: Is Lack of Planning Putting Your Family in Danger?

There are many variations on the permanent life insurance policy, including whole life, universal life and variable universal life.

FORBES: Estate Tax Insurance

The trade-off was that, unlike old-fashioned whole life, the effective premiums for the universal policy death benefit rise as the policyholder ages.

FORBES: Retirement Disaster Looms For Universal Life Policyholders