Go with Term...
If you have kids, I would go with Term, with a long enough policy to probably cover them to the end of college.
I got a 30 year, 500k, policy about 4 years ago (neither my dad, or his dad made it past 50), and now with a 2 year old, I know if something happens, they will be better off financially than I was at that time.
I read the article from WSJ and pulled the quote below....
The difference in premiums can be stark. A 37-year-old man recently could get a $1 million, 20-year level-term life policy for as little as $495 a year, according to Term4Sale.com, a comparison website. By contrast, a low-cost universal-life policy from TIAA-CREF could cost the same man $4,933 a year in premiums—though at the end of 20 years, this consumer would have about $150,000 in the cash account, based on the insurer's current 5% interest rate.
So...
Term (495 a year for 20 years)= 9900 - down the drain if you don't die.
Universal - 4933 a year for 20 year)= $98,660 and it would grow to 150K.
I'm no investment guru, but I think if you took the difference ($4438 a year) you could probably do better than turning 100K to 150K in 20 years time.