Wow, I am amazed by the number of responses to my posting. Thank you, Fools for your opinions and advise. Yes, we have already decided not to have an advisor or as you say, learn and educate ourselves. Actually, that's what I've been doing for the last 2 months. It's quite interesting though sometimes it can be confusing.

To TTRoberts: you might be right that my DH and I are not the people who should consider UL or VUL insurance. Yesterday, I read about the UL and VUL in the Consumer Reports Money Book. It seems we're way too conservative to buy VULinsurance, because I do not have high-tolerance to the risk. Therefore if I consider anything, that would be only UL or/and Term. I don't think I would have enough time to follow performance of investments in the VUL and then see them tumbling down when next recession hits America. UL offers 4% guaranteed at least.

To Dr.nonlinear: Could you, please, advise how I could create a spreadsheet to see the differences between VUL and Term? Or maybe you know any web-site which could enlighten me how to perform such calculations. What variables are involved in the calculations?

Actually, I'm curious to run my own calculations how much I will need in my retirement instead of paying $750+ to someone else. Once I started a spreadsheet but at that time I have a vague idea what variables are involved in the calculations, but now I'm getting a little grip thanks to you, Fools.

Thanks to everyone, Aida