Life insurance is so important now. That is 1 thing I refused to let lapse this past year. Not only does it give you peace of mind knowing you can cover final expenses but can be used to raise kids, college, or to cover medical expenses.
Term is cheaper but you do not gain cash value. It is perfect for young families. At my office we use the saying - for the cost of pizza once a month you can have coverage to protect your family. Its true $15 per month for something like $150K in term. This would also give you guaranteed insurability - meaning you can renew, convert this to whole life without proving you are insurable. Like someone stated above if you are diagnosed with something or in the case of my ex you attempt suicide you may not be able to get insurance.
Whole life (cash value) pays an annual dividend but cost more per month. Consider the rate above for term. For $39 per month you might be able to get $25K of coverage. Great if you have the extra $$ but not with my budget
Work policies are great in the idea you are taken as a "group" so you don't have to prove insurability and the rate is normally low. However soem outside plans are cheaper than say the state of Il benefits option/ We sell a lot of term insurance to state workers because we are cheaper. Another thing to consider if you lose your job you lose your life insurance. Most companies don't offer a "cobra" option on life insurance.
The younger you are when you start a policy the cheaper the monthly premium
H that you and/or DS are the beneficiaries? 
