Is there any advantage to permanent insurance over term insurance or vis versa? I mean, basically it looks like term is the better deal because I can buy more death benefit for a lot less money, but permanent insurance gives me money with a death benefit. I'm in my late 40's, have a wife and 2 kids, normal bills, mortgage, etc. Does anyone have any opinions about what is really the better deal long term?

If you're looking for long term life insurance you'll want to go with permanent. Term insurance usually only allows coverage for a certain number of years and the only payment will come at the time of death. Permanent insurance usually has cash out options, hence the higher price. It really depends on your needs. If you only need a few years of coverage, at which point you'll no longer be considering life insurance coverage, then term insurance would probably be the better purchase.