1. You and your wife just became proud parents of a baby girl, Sophia.

Your combined annual income is $85,000, and you recently purchased a home and have a mortgage of $150,000. You have not started to save for retirement or college for Sophia. Now that you have a child who is financially dependent on you and your wife, you have decided to buy life insurance.

There are many different types of insurance available to you: whole life, term life, universal life, and endowment life. What type of insurance would you choose and why?