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

whole life is virtually always a terrible idea. they pay BIG commissions to the agent, which is the primary reason any are sold at all. the money would be very well invested in a whole market index/mutual fund like VTSMX.

you should first be maxing out your retirement accounts, but need to talk to your cpa to determine which is best for you
tax deferred retirement plans

good calculator showing how much you can put in plans

the big issue on some of these plans is having to contribute for all employees...again, your cpa will have to get you details

note: i'm sure i'll have agents telling you why whole or universal life are good policies, but do some research on your own and you'll quickly find virtually no unbiased adviser will agree with them (except in very special situations like estate planning or asset protection)

The cash value should be paid to you upon canceling the policy.

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

1) you should add another million of life insurance. At your age, I would say you need 10 years of income, as a baseline. You can back this off as you age, but inflation will probably take care of that for you.

2) No disability insurance? Big risk. Get some tomorrow. If you lose your ability to be a dentist, you will be in a bind.

3) no retirement savings? You should be maxing out a traditional IRA every year. It is a good savings tool and will reduce your taxes a good bit.

4) Sell the rental property or increase the rent. Sounds like it's just a liability and a pain. You should be getting at least 1% of the value of the home per year in rental income.

Buy life insurance for life insurance, not an investment.

You need to be talking to a financial advisor more and an insurance salesman less.

How's dentistry going for you? Raking in some good income eh?

2 mm is my limit mayne lol

Sometimes I wish people would just let out all their juicy details and give me some insight!

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Except for the don't buy whole life advice!

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+1. Somebody sold you a bum steer. Get outta that, and make sure you're maxing your retirement income in ways that have positive tax consequences (individ IRA maxed, or SEP/etc depending on your practice/partnership).

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So I've got a term policy for 2 million for $106/month

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+ the $500k in whole life is probably too little, but you might have been better served with all term when you bought in.

I mean, I assume you're in the $165k to $200k take home (or better - I don't want to insult you) - and $2.5 million is only going to generate, give or take, $100k per year, at least indefinitely - and maybe $125k to $140k per year for 30 years, assuming that's how long you'd be expected to work.

Now - this doesn't make any assumptions about your debts and expenses, just that your widow would be expected to approximate your income until you would have retired - presumabably the rest would be on her.

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I own a small rental property that is basically just paying for itself without additional income

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You mean on top of the debt service, correct?

Unless I way overstated your income, I think you need $3 to $4 million, term - no more than $100k whole (and, honestly, I would just cash it out at this point and use that money to pay your increased term premium for a while) - your net gain should be, give or take $300 a month, and I would add that to your ROTH unless you're tapped out. Otherwise, I would just add it to your mutual fund buy and buy the whole stock market.

You're got 25 to 30 years exposure to the market - that $300/month could be millions - in whole life, it will only be thousands (maybe tens of thousands.)