We have it and I wish we didn't. We didn't do our homework, and thought we were doing such a great thing as a young, newlywed couple! We're locked into this insurance plan that's currently worth about $300 (cash value). We've paid over $10,000 in premiums. Do you have any idea what I could have done with that $10,000?? I've honestly never looked into our options, but I may do that in the near future.
I think most financial professionals will tell you that term is better for 99% of the population.