I don't know if I'd say that universal life is a waste of money. Really, it depends on your situation. However, I do agree that term life is probably right for most people. In addition, term life will be the least expensive product. If you're just looking for a simple term policy, here's what I would do/have done:
Shop around. Minnesota Life through AOPA gave me a great rate.
Lock in your rate for 20 years.
Buy a $1,000,000 policy if you can afford it. It sounds like a lot now, but as your financial obligations, income, and family grow, that million will seem to get smaller. Also consider the effect of inflation and that your rate will typically increase with your age. So lock in your rate now.
You want a good rate, but you also want to know that your insurance company will be solvent if/when the time comes to make a claim. AM Best is a good place to look up insurance company ratings.
If you have friends or family who work in the field of personal financial planning, see if you can consult with them to learn about the different products available and how best to shop around.