I've already got the insurance companies lined up that I'm going to use to buy the life insurance, but I'm not sure if it's better to get the cheaper term life insurance, or if I should pay more for "regular" life insurance.
You have to define the job you want it to do, before you can pick the right tool. Same thing for insurance.
Most people can meet their life insurance goals most effectively with term life insurance.
Term life insurance provides temporary coverage for up to 30 years. And, since it is temporary life insurance, it usually costs a lot less than whole life insurance, which means you can afford more life insurance protection while you need it most, when you are younger with more responsibilities, and less savings.
Here's an article that reviews the pros and cons of term life insurance vs permanent life insurance to help you better understand the advantages of both types of life insurance.