Term Life - Can provide at very low cost coverage for that time period when you have considerable obligations such as college, mortgage, and raising young children.
Permanent Life (Cash Value) - Often used to protect against the considerable impact of estate taxes and other life long needs.
This is especially valuable for younger people who have a lifetime of earnings ahead of them and are either self-employed or have a considerably higher income than is provided for by group insurance. Here income is everything. Protect it!