...and a small amount of whole life. Our investment guy is frequently encouraging me to convert some term into whole life, but other than probably being a revenue cash cow for the insurer, I have a hard time understanding what the benefit is. As you said, what's the opportunity cost of not putting that money in a 401k/investments? Although, I will say the one thing that intrigues me about whole life is that the growth is tax-free - is that correct?

Regarding the term, I feel stupid for not paying closer attention to this before, but our premiums are about to reach the point where they'll start skyrocketing. I'm looking into some level term policies that appear like they'll save tens, if not 100k plus in premiums over their lifetime. We got pricing from another insurer and qualified for their highest rating, so the premiums are pretty affordable. I wish I would have looked into level term policies when I first purchased life insurance about 10-12 years ago.