When I Early-Early ER'd, I had an existing term life policy through a professional org. The premiums were low, so I kept it up. But after age 50 they started to move up. By age 55 they were starting to increase rapidly, and the positive tilt increases with increasing age. At that point, did a re-evaluation of what life insurance was supposed to do for us. And as our last child had graduated college, decided it was time to let it lapse.
If you don't have any kids at home or off at college, and your spouse/lover/significant other or whatever won't be destitute if you ring the bell, one would question why it would be needed.