Whole life insurance is what most insurance companies will try to sell you. It's expensive, and it's one of the WORST financial products out there. The only people who think you need whole life insurance are the whole life insurance agents who want to make a commission off of you for your WHOLE life. I only recommend TERM life insurance. Why? — You get the same amount of coverage for about 5% of the price of whole life insurance. A term life insurance policy lasts for a set number of years (a term); I recommend getting a term of 15 or 20 years. During that time, you'll pay a VERY low rate each month for the coverage amount you need. It's best to get a term life insurance policy that's worth 10 to 12 times your annual income. For stay-at-home parents, I recommend a policy valued between $250,000 - $400,000. During that 15 to 20 year term, if you're following my 7 Baby Steps plan, 3 things will happen: 1. Your kids will grow up and move out on their own. 2. You will pay off all debt, e...