Whole Life Insurance Dilemma

Hello everyone! I am about to turn 33 in a month and recently my payment for my whole life insurance was due, and it occurred to me that I may need to re-evaluate my choices and I am here seeking for some guidance from the community, so I appreciate the help in advance!

On 7/7/2022, when I was 31, I have obtained life insurance from my agent. I believe the benefits were as follows: $100k of whole life and $900k of insured select term – 10 rider. The total cost was $1935 / year which I could afford. $1440 was for the whole life payable to 2092 and $495 was for the term payable to $2032. I believe the plan was to convert $100k from the term to whole each year for the next 10 years. So in late 2023, I purchased my first home, and my agent had suggested that we start converting $100k to whole starting 1/1/2024, so I received another bill of $1532 for those $100k that we had converted, along with another $1935 for my existing policy that I just paid for on 7/7/2024. However, these two amounts added together made me start to second guess my choices. It's not like I can't afford it, but I just want to ensure that I am not potentially missing out on possibly a better choice for my situation, if I am going to continue paying premiums. I don't mind paying more money. I just want to make sure I am maximizing where my money is worth.

I am currently employed full-time with steady income, have a house paid in full, have some savings and roth 401k, and have no stocks, bonds, or other kinds of investment and don't intend to have any. In terms of health, I am not taking any prescriptions, am tobacco-free, and have qualified for the preferred premium rate for my life insurance. My wife works part time and relies on me for income to a certain extent. We don't have children yet, but who knows what happens within the next however many years. I do like the idea of cash value and I like the thought of having life insurance continuously not knowing when I am gonna die, but that wouldn't be a dealbreaker in terms of choosing what kind of insurance. I have read some content on Reddit about how bad whole life insurance is and since I am not an expert at all on this topic, I am second guessing myself.

While I am not sure if what I have shared above is sufficient for anyone to provide me with some guidance, I'd be very happy to continue elaborating if any of you have questions that can help guide me. Once again, thank you for reading up until this point and for guiding me as well!

submitted by /u/jay70599
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