<prompt> Human: My wife 26 and I 28 are about to buy a variable whole life insurance policy.We qualified for their highest category super preferred. Here are the quotes we received:250K each for 165 Total.400k each for 263 total.500K each for 329 total.Our budget is to spend about 300 a month on life insurance and other investments. I was thinking to get a 250K policy for 165 a month and put the remaining 135 or so in a mutual fund or something. Is this a good idea? Or am I better off getting either 400K or 500K policy? Edit: This is a Universal life insurance policy with cash value If that matters.Edit: Price above is 165 total for my wife and I for a 250K policy on each of us. I think hers is 71 and mine is 94.Assistant: Seems like the general consensus favors term insurance. What is everyones strategy should something happen to their SOs, lets say at age 65. Term only covers upto 60 and then gets ridiculously expensive. Responses here have made me run some numbers again. Just called my insurance agent to send me some numbers again so I can confirm against 401KRoth calculation assuming 5 return.  <response>: You would be retired at that point and have no need to have life insurance because your expenses should already be covered. 