If your kids are grown and the rest of the family is set- what are you actually "insuring"? I understand the wife is driving this, but that's the question to ask. Insurance should be to protect you by financially replacing something you can't replace yourself in the event of a catastrophe. Otherwise you're looking for investments. IMO, its one or the other, and the two concepts should not be mixed or confused. So if its investment she's after, then compare the insurance to other possible investments. I understand whole life has interesting tax advantages, but if you look solely at how much money you take home after X years, I think you'll find better options.