[firebug]

As someone who once sold whole-life policies exclusively, I'd suggest buying term.

Remember, you are not buying 'life' insurance, you are insuring future earnings in the event of your death.

Figure out the PV of your future earnings and that is what should be replaced. A year from now, you will need less insurance (as a years worth of future earnings will have been realized). At retirement, you have 0 future earnings and no more need for insurance (however you will have longevity risk and that's why you need to invest the difference).

You can also be more conservative (aggressive?) and consider insuring just the PV of your dependent's future expenses and that should require a smaller monthly premium.