Are you confused yet? Let me make a few points.
First, do not buy life insurance with the intention of eventually borrowing against it. You should have an emergency fund setup for that purpose and continue to grow it for emergencies. Whole life / UL / VUL policies are good at providing lifetime protection. If you want some coverage that lasts as long as you do, then get some perm insurance. I agree that accident insurance is not a good idea, unless you are buying it in addition to real life insurance.
The number one, most important thing you need to do is figure out exactly how much coverage you need. For most people its a lot more than they think it is. For most people their ability to earn future income is their largest asset. Do the math for a second - take how much you or your husband make a year and multiply that by the number of years that you plan to continue working before retirement. And thats without raises or promotions!

mbrcatz is amazingly wrong. you can BORROW up to 90% of the cash value.

which type is best for you is another issue no one can answer here. that said, it sounds like you are LOOKING for information to make an educated decision.

as such, i would recommend meeting in person with an independent agent with NY Life, NW Mutual, or Raymond James. you will know in 10 minutes whether you are with an educator or someone pushing product.

Search life insurance & submit your contact info to just one of them and wait for a 2-3 calls from an independent agent. They can use an insurance search engine to locate the lowest premium.

Get a Term policy to last until your children are out of school.

Get a Universal policy for final expense and to leave money to your kids tax free

First off, set aside a dollar amount you want to pay then call your local Northwestern Mutual Agent and discuss this with them.

Do not let any agent sheister you out of your money, set a reasonable dollar amout and stick to it.

OK, it costs a WAY WAY WAY WAY lot more to get a policy you can borrow off of - you’re better off just saving the difference.

BUT, if you’re hell bent on being able to borrow (btw, you can borrow after about 4 years, and you can only borrow up to 10% of the amount you’ve paid in, so it’s not like you can borrow against the FACE VALUE) that’s a whole life policy.

Sit down and write up everything you want the insurance to do for you, and if there’s ever going to be a time you don’t need it any more (like, when you have $1,000,000 in the bank). THen take it to a local, independent agent, and ask them to quote you with 5-6 different *A* rated companies.

Then that agent will explain everything to you, and your options. You’re better off dealing with a local guy than some place 1000 miles away where there’s a different person every time you call.

BTW, accidental death is a ROTTON choice, as if (God forbid) one of you has a heart attack or annurism, well, that’s not an ACCIDENT, and it won’t pay out. It only pays for ACCIDENTS, not health issues, not cancer, etc.

The most effective insurance policy for you and your hubby would be accidental death, its cheap, effective and will cover your spouce if there is an accident. They dont cover you against health problems but they are a good policy, I have 2 of them for $1.1m for only $130.00 Aus per month. Im on the road for about 6-7 hours a day and you never know what can happen. Naturally you cant borrow against it but why would you want a policy that you borrow from anyway, they cost a fortune, try getting a low interest personal loan instead.