Term or whole life - which one do I actually need?

Start with what you're protecting, not the product. Both do the same core job - pay your family a tax-free benefit if you're gone - they just fit different situations. Term covers a set stretch of years (like while you're raising kids or paying a mortgage) at the lowest cost, so it's often the most coverage per dollar during your family's most exposed years. Whole life is permanent, never expires as long as it's funded, and builds cash value, which fits when the need is lifelong - a dependent who'll always need support, estate planning, business continuity, or wanting a permanent floor alongside term. The right answer is whatever matches your situation. The one wrong answer is having nothing you own - so if budget is tight, get some coverage in place (at least term, at least on one spouse) and build from there.