<prompt> Human: Im looking into life insurance and Im not sure if whole life or term is best. Im 29 married and have never really given it a thought till recently and am clueless on the benefits or downfalls of each one. I was looking at getting around 100k which wony pay off the house but would help my wife if something were to happen.  <response>: No cash value insurance EVER, its legal but as close to a scam as could be without being legally considered a scam. This is whole life, variable, universal, etc.The only insurance to buy is LEVEL TERM insurance. You need 10-12 times your income. Make 50k annually? You need 500k-600k coverage. You pay this with AFTER tax dollars, not deducted from a paycheck before taxes. A 20 year term, after 20 years you should have earned enough and handled your finances will enough that you just self-insure with having good savings.You also need disability insurance. Something that goes until retirement, and pays you 65 of your income you make now. If you have a specialized career, get an own-occ rider that covers your career income in case you get disabled from practicing that career but not disabled enough to work a simple job. You pay this with after tax dollars as well Your spouse needs exactly the same setup, too. If the spouse does not work, doesnt matter, they still need 300k or so in coverage which will help you hire someone to take their place as far as household chores or child care matters. 