Did I get hosed and what term insurance should I pivot to
I (25M) have multiple whole-life policies for me, my spouse (25F), and my infant son totaling 1.25 million in benefits. This costs us about $790/month although we are in perfect health. From the little reading I've done this seems like far too much to pay for life insurance of this type and is encroaching on 1/5 of our monthly expenses. Is this a normal rate for whole-life insurance for a family?
Even if it is normal, I've read that whole-life insurance isn't worth it and I should get a term policy. I just want to know that in the event I pass unexpectedly my family would be taken care of. I hope to have secured our financial well-being into retirement by the time I'm 55 anyway, Would I be better off with 30-year-term insurance instead and just invest the difference?
P.s – I've had canceled the whole life policies by now if it wasn't midnight on weekend, just looking for a second opinion on this so I know it's the right move.
submitted by /u/Big-Performance-5781
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