squeak,
AXA Equitable has a great Annual Renewable Term that I found costs less than even the best Level Term policies from even the best priced carriers. Less even in gross dollars vs a (10/20/30/etc. year) Level Term policy over the same period. Plus you pay less in the early years, thus holding onto your money longer. And it IS affordable. And you can even keep it longer than 30 years. With Level Term after the (10/20/30) policies period, you are essentially forced to drop it by the premiums thereafter.
And like Jothar said, with ROP policies, and especially with Permanent Life policies, policyholders have a very frequent tendancy to drop the policy early costing them dearly in hefty premiums plus in the case of Perm Life hefty Surrender Charges (usually in the first 10 years or so), often losing even principal money. So yes, “buy term and invest the difference” does entail necessary discipline, but so does Perm Life — and at some point(s) a policyholder may no longer be able to afford a Perm Life’s premiums, costing him principal.