Approved for Term Life Insurance + was just transfered Universal Life Insurance

I am 38 years old, my wife is 36 and we have one newborn in Canada. We both decided to get a term life insurance to cover our mortgage, child and any other debt if one of us died.

My wife got approved at $25/month locked in for 20 years. The payout is $500,000. She signed and finalized it.

I got approved at $54/month locked in for 20 years. The payout is $500,000. I have a bicuspid aortic valve in the heart which is probably the reason for the large difference as well as being male. I have yet to sign it for one reason…

My parents just transfered me a Universal Life Insurance they took out on me decades ago. It is $36/month with a guaranteed $100,000 payout. My parents were doing the minimum payments therefore there is $0 cash value in it.

Now I’m kind of stuck because I don’t really want all these payments. The permanent life insurance seems good for when my 20 year term is over but at the same time, it’s only a $100,000 payout. That $100,000 would not cover our mortgage or anything else. At the same time, if i were to cancel, I’d never get this type of rate 20 years from now when I’m almost 60 years old.

The term life insurance is a larger payout and would actually cover our mortgage, child and with lots of extra. But getting another term after that won’t happen. At the same time, our child will be an adult by then and we will not have mortgage/debt.

Should I just keep the term and cancel the permanent policy? Should I keep both? The advisor is against me ending it and stated that if I were to invest in the permanent policy, since it acts like a tfsa, that it’d cover the cost of the insurance premiums as well provide tax exemptions. But with my income, I can barely invest in my rrsps or tfsa so I would never take advantage of any tax exemptions. Though paying the minimum over 40 years is only $17,280 which is still miniscule to the $100,000 payout for when I die.

Help…