Term is generally considered by many to be of better value, especially if you invest the difference between the Term premium and the Whole Life premium. (I don`t know the expression "Universal", so assume it is whole life.)
The interest rate paid on Whole Life savings is very low, and you can achieve better than that putting your money in your own savings account... assuming you do save it, of course.
Term is often used to insure a financial obligation of a given life span... such as a mortgage. If you die before the mortgage is paid out, the insurance will paid out the loan, allowing your heirs to live in peace.
One disadvantage to Term is that if your health fails for some reason, you may be unable to renew the policy at the end of the term. At that point you will be deemed to be a health risk, and not worthy of a renewal.
A more knowledgeable insurance person may be able to add more to this conversation.
