Alan and whinny have been married for 5 years. They have two children; a 2 year old son and a 1 year old daughter. They make a combined income of $120K (Wife = $65K, Husband = $55K). They've owned their own home for 5 years. They took out a 30 year mortgage when they bought their home. Their mortgage payment is $2K per month. They have enough savings for 6 months of expenses. They max out their contributions to their 401k plans and have been contributing for 5 years. They also started to save for their children's college education. They expect to pay for their children to go to 4 year schools. They were referred to a financial planner. When building out their financial plan, the financial planner suggested they get life insurance. Specifically he suggested they get Term Life insurance. A friend recently bought life insurance. Her financial planner suggested she purchase ordinary whole life insurance. Their parents purchased Universal Life Insurance in the past and were happy with their choice. They didn't know anything about life insurance. And are now confused on what they should do. Present a case on which type of life insurance they should buy.