I have to say I disagree with Ravima, it is possible to be ripped off when it comes to life assurance. Our broker advised us to go for a whole of life policy too, we did this as we believed he was giving us the best advice, if we fully understood the different types of policy we wouldn't have needed advice from a broker. He didn't explain the different policies to us and made it clear that decreasing term assurance (mortgage protection insurance) was only for 50 year old smokers with a heart condition who wouldn't be able to afford anything else. When we received the policy documents and read through the terms and conditions we realised we'd made a big mistake and we had been lied to about certain aspects of the policy. The amount of commission said broker was going to receive if we accepted this policy definitely led us to believe we were being ripped off.
We cancelled the policy and went for a cheaper one, thus delaying the closing of our sale for weeks. I think 75 euro a month sounds like a lot for 300K although of course it depends on the person. For comparison we're paying 12 euro a month each for mortgage protection, we would have paid 35 each on the whole of life policy. That's for 300,000 and we're both 25 year old non-smokers with no adverse family history.
I hope that helps. Good luck