Re: Life Insurance - necessary or necessary evil?
I don't know about your state, but when I lived in Washington state in the early 80s, I got sold a policy similar to yours by a high-pressure saleswoman (with nice, well, never mind...). After signing up for the policy, I did some research and for the same reasons that Brewer mentioned, I decided it was a bad deal.
There was a law in Washington that gave you 7 or 10 or some number of days to back out of the agreement even if you had signed and made the initial payment. I exercised this option. She got very upset at me, accused me of not loving my wife etc.
I then bought very reasonable term insurance through my professional association.
Check the laws of your state. You may not be legally obligated yet.
I have an inferiority complex, but it's not a very good one.