$690 annually for only $100k in coverage sounds really high.
I doubt the whole life policy is optimal -- but it depends on your situation. If you have some major medical issue that has come up in the past few years or are overweight/obese you may not be able to find a reasonable term policy and you'll have to go through medical exams and such.
Considering you'll be getting some dependents you need to think of how things will be if there is no coverage. Will they be able to make it?
I'd switch to term and it will be better for you because there are no bells and whistles vs universal life/whole life. But I'd make sure the term policy is in effect before cancelling anything else -- just in case.
There are more factors to this, though. Income, child ages, do you AND your spouse work or will you be the sole breadwinner. There are a lot of factors to include that I can't even begin here...
Well, I have been diagnosed with diabetes and high blood pressure. With that info, should I continue with the whole life insurance?
I'm going to be the sole provider. My wife will not be working. My income alone is $90k a year. We have 3 children, ages 12, 13 and 16. We're also currently in the market for a new home so I'll have a mortgage. From the information I've gathered, I will probably need term insurance, but for how long should I get the insurance?
Is it a good idea to keep both whole life insurance and get a term insurance with it?