We have a combination of 'term' and 'whole life'. It is really there for the surviving spouse more than the children's inheritance. The term life insurance is there to cover the mortgage, and any large debt, in case of one spouse dying. The whole life is expensive right now, but will sustain itself eventually, and can even be cashed in if necessary. In Canada, if one spouse dies, the surviving spouse does not continue to receive their combined old age pensions. That can cause a serious financial issue. Unless the partners have a 'death pact' or are financially very well off, insurance is going to be necessary to help the surviving spouse maintain lifestyle, and possibly pay for assisted living at some point.
Before you cancel your insurance, remember that it is easier to modify (switch some over to whole life) or get more, when you already have insurance, than it is to re-qualify. And for those of you with term insurance, that is coming up to an anniversary, if your rates are suddenly skyrocketing because of your age, ask to re-qualify for a better rate. That means that you have to take all the blood/medical tests again. It worked for me and my new premium was lowered, but because of DH's medical history in the last several years, we just accepted his larger premium. If he had requested to re-qualify, the insuring company could have dropped him.