re: Life insurance

Skip the whole and UL. Get the term. Make sure it's fully underwritten if your build chart, health factors are good. At 28 years, I would definitely consider the 30 year term. 10 years income gross income is the lazy rule of thumb, but a great agent will really dig to find the "correct" face value. Make sure the monthly premium doesn't effect your quality of life, it should be an amount you can afford. Use Zander as a comparison tool, then call an agent and let him know what you want. Literally say "I want a 30 year term for 650k, fully underwritten, best possible price ". Make sure to give him ACCURATE information about your health, risk factors, family history, etc. Companies will often "rate you up". They will tell you they expect it to cost you 61 a month and they will come back and say actually it's 87 based on something they found out after the initial premium quote.

As for whole, at 28 I'd skip that and invest the extra money yourself in a more traditional way (401k, IRA etc). I'd also skip the return of premium option that is often available.Good luck.

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I am looking into a 401 b or a 457 b plan but not sure much about the differences.

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With rare exceptions, your insurance guy is not the guy to ask about this, imho. Based on your age, 401 info, etc, I'd say a term policy is the way to go at your age regardless of what you do with the 401/457. Again, remember to not only get the face value and term length correct, but also the monthly premium amount. You have to be able to afford that as your personal situation evolves over time. People who pay too much, often cancel policies, defeating the entire purpose of the policy. And many people are ridiculously over-insured. Even more of course, are under-insured. Remember, 10/20 years down the road, provided you are reasonably healthy, you can always get a smaller policy. You may be making three times the income then. People buy (short) term life policies well into their late 60's believe it or not, to manage risk.

Also, the odds of a person in their 20's dying is heavily skewed towards accidental death. You can usually get additional accidental death for next to nothing, often as a rider on the main policy. You could get for instance, 200k of accidental for maybe 10-15 extra bucks or so. This is a popular option for a guy in his 20's.

Also as the expert above says, strongly consider long term disability and maybe even a critical illness policy that pays a lump sum for cancer/heart attack/stroke etc. These are often also available as a rider to the policy.

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Some people are different but I honestly think it's good to have WL in a portfolio in addition to 401k, Roths, etc

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You skipped term insurance. I assume you mean that too? WL in addition to term?

With GCA suggestions of insurance companies he thinks its NW, New York Life or Mass Mutual for the best products.

To answer your question I believe you are correct. Yes, I started with term 80 then you set up a WL policy(called 65 to Life with NW) and you can convert up to that term policy total amount. Say you have a $1MM policy term, you can only convert up to $1MM.

Again I know its not for everybody. Its best to start young though so the premium isn't as much. I started my policy at 27. People don't like to see a large amount go to an insurance company each month but you have to think of it as future supplement retirement income. I didn't like it the first year or two but now I'm seeing my cash value build up and its nice to see.

Not sure about that I just know what NW does since I have my policies with them. You may have to talk individually. Maybe GCA or someone else can steer you to a site but I haven't seen one.

They're quoting you Indexed UL with Penn I'm almost certain. The 12% cap is low. The top dogs are around 13.5%. That's works out to about a .60% spread over your lifetime. In life insurance performance terms, that is statistically significant.