I was contacted by an insurance agent during my 30’s when I had two young children. I was fortunate to have a friend who had worked after college for a few years selling life insurance. He told me to ignore the fancy brochure from the agent and to purchase term insurance.
Now there are readily available information on the internet for those considering life insurance options.
First read the article on clark.com
Quote: “Term life insurance makes more sense for almost everyone”
Then read the second recent article which adds considerable detail . Whole life insurance is not the best choice even for most high income individuals
Quotes: “The short version of this post is that you will probably neither need nor even want a whole life insurance policy once you understand how it works”.
“Given the size of the commissions offered on these policies (as much as 50%-110% of the first year’s premium), one should not be surprised to see agents become highly motivated to sell them.”
“There are other types of permanent (lifelong) insurance policies, including variable life insurance and various types of universal life insurance may offer more flexibility.. but they generally offer significantly fewer guarantees. …The same general level of caution should be applied to their purchase as with whole life insurance.”