re: My whole life snapshot...wondering if this is the best use of my money

If you are self employed I would think about starting an individual 401(k) to where you can contribute more (up to 17,500) as the annual contribution or even some type of simple or sep ira( depending if you have employees under you).
The most you can contribute to that is 12k a year, but both of these options are a better growth strategy than permanent life insurance.
To make sure your income is protected in the case of death or disability you needed a ton of term insurance and more than likely some disability income insurance so it would pay you and your expenses in case you were hurt for a period of time. This all depends on your setup(sole prop., partnership, ltc, etc...)
If you are a partner cash value life insurance can make sense if it was structured properly.
I would look that way towards saving and planning with investments and your basics for insurance.
I work as a fin. Planner so let me know if you have any questions( no strings attached)
This is a meaty conversation , but the most I can type with my iPad . Good question