Help on understanding WL, convertible term, and standard term?

My spouse and I are past smokers, and we both have health conditions. Mine is more severe and I've had this autoimmune disease for 9 years. We were approved for whole life and convertible term through northwestern mutual for $680/month for each of us and our policies. We did not qualify for disability insurance. We locked in his age at 29 and mine at 32. I should have done my research and due diligence but I think we made a mistake…It's been 5 months of payments and I removed the auto-pay for now while we revisit this as I would rather suffer the loss now then later.

I'm confused on what we need to replace our income in case that one of us passes. Our current policy is convertible so we can move part of the term to whole life in the future at age 60. But each year the premium goes up to which the 'max' is outrageous and the 'expected' is still high. I calculated what was expected for age 60 and it's about $800/month for me. This convertible term is until age 80.

I spoke with a different carrier agent and it seems we can lower the term with a stable standard policy, but this is for 20-30 years. That would be age 52 for me. I'm confused if either of these term policies are worth it? I'm looking for something until age 70 at least..

I also do not think we would benefit from whole life insurance. The cash value component hooked me but the higher premiums, although fixed, do not seem necessary on our current financial goals. We have savings to buy a house next couple years, pension, and retirement plans.

This has been decision fatigue, regret, and now I'm not sure who to ask or what to do next. The different carrier agent says to not cancel the northwestern mutual policies just yet. The agent wants us to go through their underwriting and medical exam to make an informed decision. But I just dont see the policies at NWM being a good fit either way? help please. i am trying to learn, but this is overwhelming

submitted by /u/skim106
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