Isn’t my choice of life insurance limited to just term and whole life insurance (and isn’t term cheaper)?

Life insurance policies are far more varied that just term and whole life policies and are continually being refined by the industry.  Life insurance can be categorized as permanent (never expiring as long as you pay the premiums) and term insurance, where coverage will expire after a term of years (unless converted to permanent insurance if that is permitted under the policy).  Permanent life insurance includes not just whole life insurance, but also certain types of universal insurance that can also provide coverage for life.  As for cost, term insurance is certainly cheaper, but will run out over time and then only be replaceable with much higher premiums.  Life insurance coverage should be custom designed for your purpose and budget.

Should I own my life insurance policies outright or own them in a trust?

The form of ownership depends on the purpose of the life insurance, whether it is mainly for income replacement or for estate tax payments.  If you own life insurance directly, it will be included in your estate when you die and will be subject to estate taxes (if your estate is large enough to be taxable).  This will not necessarily be the case for trust owned insurance policies.  Again, life insurance coverage should be custom designed for your individual needs.

How much life insurance should I buy?

You should only own the life insurance that you can afford.  Life insurance should be custom designed to fit your budget and lifestyle.