<prompt> Human: Not to beat a dead horse, but after meeting with a FA, whole life on my newborn sounds like a great deal. Please convince me otherwise.Financially, my wife and I have no debt besides our mortgage and are fully into our 401k and roths. We have a newborn. The whole like policy weve been quoted CLAIMS the following:500k death benefit coverage400 a month for 15 years 72k total premiumDraw 6.5kyear during college years 26k totalDraw 55kyear for retirement age 69-90 1.155M totalFinal death benefit assuming death at 90 is 1.26M for my childs beneficiary.What am I missing? This sounds too good to be true.  <response>: Dont fall for it. With such a long time horizon 18 years for college, 25 years for a house down payment, 85 years until a death benefit the compounding interest on that 400mo is staggering. Since the time horizon is so long you can also take riskier investments as you will be able to ride out any market volatility just have to stay the course and continue to invest in tough times!I have a 1 year old and my wife and I invest monthly into a 529 after fully funding our retirement accounts. We each have 2M in term life a 1M 20 yr term and a 1M guaranteed renewable to age 65 that has a rising Premium every 5 years as a hedge if either of us were to get sick and be unable to replace the term lol you in 20 years if we still need it. Right now we pay about 1,200 year for all 4 policies.No need to have anything else in my Sons name as in the event of our death he would get our life insurance benefit of we were to die young. If we live to 85 we plan to have investments and a nest egg to leave. I think the biggest advantage you can give a child is to pay for their college so they start out with a good paying job and no college loans as an anchor preventing them from building their own assets. Your retirement should come first though if not that would potentially become a financial anchor for your children later in life. Once fully funding your retirement 18k yr to 401k and 5.5k yr to IRAs contribute that 400mo to a 529, then work on building up your own assets. Relying on whole life will just guarantee sub-par financial growth in that investment. 