My answer is a definite "maybe"!
I would consider a new agent no matter what. He's not the only guy out there selling insurance and it doesn't sound like he is working for YOUR best interest. An 8% ROI for the average policyholder is a little over-zealous. Even if he is sincere, almost no good can come out of working with someone you don't feel comfortable with.
As for the insurance, we need a little more info about your situation. If you have debts that would be difficult for others to satisfy (like a mortgage or student loans), unfunded educational needs for children, or a spouse/family that relies on your income (or your ability to stay home and not spend money on daycare) then you may need term insurance.
There is also another consideration. A net worth of $400k is above average for your age. If you project this number to continue growing, you may be one of the lucky few that have to deal with estate taxes ($400k @ 5% annually for 55 years is over $5mil). If you expect this to be the case, you may want permanent insurance (like Universal Life) to cover estate taxes. In this sense you are insuring a problem that you don't yet have (and may never end up having). That's a risk you'll have to weigh yourself.
Paint your picture a little more and we can probably give you more specific advice. Good Luck!