Term insurance or universal?

Probably a topic that has been overkilled, but which type of life insurance do most of you recommend? I’m in my late twenties, married, and do not max out my RRSP’s yet.

Any suggestions?

Life insurance as an investment is very expensive relative to other options, but it does have some advantages they don’t like like immunity from creditor claims and tax free growth and withdrawals. There are even some products that will guarantee a minimum return in any year the underlying index is negative. If you are incorporated, you can use it to generate tax deductible expenses against corporate income in order to provide a retirement benefit for yourself. However, given the information you provided, I would suggest a term policy.

If you truly need life insurance to replace your income after your death then purchase term life insurance, much more economical than universal.