When I was in my early 20's I was sold a universal life policy and told it was whole. After buying a house and having a second child I found out I didn't have whole life (the selling agent had picked up and moved.) My new agent told me I could pull out $1200 and still have enough value to pay the policy for 8 years (which I did) and I now have $750000 in 30 year term coverage. My agent tried to sell me $200000 in whole coverage for over twice what I pay for my term policy. Term is the way to go. The only instance I've ever heard of any financial advisor recommending whole life is in certain situations where there is a very large estate (estate planning) to avoid some forms of taxation (which I don't understand totally).
