A few things that stuck out for me way way back when I set up my policy were:
There are different types of insurance. One for kinda like investment purposes, the other more bare bones for basic backup plan purposes. Figure out which one (or combo) works best for you.
Don't lie on the questionnaire. You don't want to give them (the insurance empires) reason to not insure you/pay out. That being said, no need to overstate your negatives as well. Prior to the physical (if there is one), a detox diet for a few weeks doesn't hurt your chances of a better "result" which often leads to lower premiums.
You mentioned you're getting it as you have young kids. Generally, don't put a kid with age less than 18 as the recipient. It can cause all sorts of chaos and havoc and unintended problems. (ie: funds might be frozen until child reaches age 18 etc.)
Life insurance is a good thing to get when you have kids, but having a really good will is perhaps just as, if not more important IMO (Mainly guardianship of the kids in the event something happens). Apparently some people assume the parents will immediately get custody of the kids. Apparently, this isn't always the case and sometimes kids are sent to the foster kid system until the grandparents successfully win the right to their grand kids. Spell it out in the will who you want to get custody.
Life insurance brokers/agents are important people. They are easier to deal with than the corporations themselves. IMO, find someone who you feel will go to bat for you rather than just chasing the lowest price.
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