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

Part of what you need to figure out the answer is if worst case scenario happens today, my wife and family will need (?) dollars to pay off any debts, sell my business, etc and then live.

As you get older your business will be paid for, education loans, property etc. As your assets increase your need for insurance will decrease. This is one of the other reasons why term tends be a better plan.