I would recommend life insurance as solution for protecting your mortgage, overhead expenses, outstanding debt, spouses income for the next XX number of years etc... in case one will pass away prematurely.

There are several things should be considered when choosing the right policy:

1) How much insurance do you need? What exactly will it cover? This can be usually done by an agent through detailed Fact-Finder.
2) Choosing the right company is important, because you want to get the benefit as promised within timely matter, without any strings attached and complications.
3) Choosing a the policy that fits your needs, investment profile and budget.

These are the 3 things you should be looking at when choosing the policy.

Term insurance can provide, greatest amount of insurance, for low cost. But term insurance expires, and does not pay dividends.
Whole life provides insurance for lifetime, does not expire and pays rate of return in terms of dividends. One of the greatest advantages about the whole life, cash value in your whole life policy may be used for other personal needs, such as sending your kid to school, using cash as retirement source or, simply taking monies in form of cash for other personal needs if insured does not die prematurely.
VL (Variable life) -also a great product but it must fit investment profile same for Universal life. It is not recommended for everyone.

There is such thing as ACL (Adjustable comp life) a combination of whole life and term insurance. say 150k of whole and 150k of term. Over the specified period of time the 150k of term will convert automatically into whole. Advantages: Lower cost then traditional whole, allowing policyholder to take advantage of of whole life. This policy can be adjusted for insureds needs and payment flexibility.

This type of policy is available only with few high ratings companies.

Thus, consider doing some research on advantages of Stock companies and Mutual companies.

Mutual companies usually pay higher rate of return (dividends)

Also, check companies ratings before committing. I would recommend going with AAA rated company.

You may find information about companies ratings:
Moody's
Standard & Poor's
Fitch
A.M. Best

Any questions, feel free to contact me