Resolved Question: can anyone explain an IRA in layman's terms?

Few questions about term life insurance:
I am 24 married with a mortgage, and 2 kids.

First the amount of insurance:

I have been told two different ways to look at this:
a)buy as much insurance now as I can because it will be cheaper when you are young and can "grow into it." When Im older and need more insurance the rates my be higher to purchase a higher amount.

b) buy just what you may need to pay off mtg and put the kids through school. With the thinking that it will be cheaper and put more money in my pocket now, and my needs will change over time and later I can get a great amount of insurance later if needed.

Then the duration:

I have heard just buy 10 year as it is cheaper now and rates will decrease with time and your needs will change, and I dont want to be locked into a higher rate. But what if I am in worse health 10 years from now and the rates are higher?

But others say buy 30 years because you will have the certainty of having the same rate for 30 years.

Thanks

Resolved Question: can anyone explain an IRA in layman's terms?

I'm thinking about buy whole life insurance, but have heard from a few people that an IRA is anothe option that may prove to be more successful as far as "saving".

1.What are typical interest rates of an IRA

2. can I borrow against it as I can with a whole life insurance policy (and taxfree if so)?

3. What tax credits do I receive and/or tax penalties, if any? I don't know the difference between Roth and Rollover or Traditional, and I don't really have a clue about 401k...why don't they teach us this stuff in HS or at elast in COLLEGE??<--that was ant, not question, sorry...

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