For the last few years, I've been debating if I need to continue my 20 yr level term. Originally purchased it when second son born to supplement my wife raising the two sons. When took early retirement, kept it as my pension survivor benefit would be 55% of original.
But time has gone by, boys are 15 and 17 now, and policy has last renewal in 2018, $300K for $750 per year. Portfolio withdrawal rate has been running 1%, regular living expenses covered by pension and part time work. But college will force the WR to spike to 4-5% for a five year period.