re: Can someone give me Life Insurance Advice?

You should have LI on you, your wife, and your child. Depends on how much you can afford but a combination of permanent and term for you and your wife would be the best thing you could do. Sure you can do a 30 year term policy and be covered for dirt cheap, but then you either have no coverage or you're paying an extremely high premium every year after your level term period is over. Funerals are getting more and more expensive and probating can cost up to 3% of your estate (at least in FL). For your child you can get a plan for as little as $2 a month that guarantees his insurability for the future.