My wife signed up for whole life insurance when she was pretty young ($50k benefit + cash value). I have term life insurance through work, which I intend to keep ($50k)
My wife has a small business out of the home that generates modest income, so in the event of her death, financially it wouldn't be a hardship.
I suppose the bigger issue would be if our son became orphaned because we both died in a car accident of something. The monthly premium is only $23.50 per month (locked in), so not a lot of money. However, I just stare at this recurring expense and ask if this is just waste. We have ~$350k in all investments (529, ROTHs, 403b, Traditional IRAs, P2P, brokerage), a paid off house, and a 3 month cash buffer. I think the only thing that keeps me from cashing out is not wanting to be an ass to our son's caregiver should we pass. Once I ran the numbers on the rate of return with dividends on the insurance plan and it wasn't awful, but I'm sure I could do better obviously with a simple index fund, plus recurring bills are dumb. FWIW we have a will / estate planning all spelled out from a lawyer.
* I'm aware that many prefer term vs whole life insurance. If I had a time machine I would have yelled "noooooooo..." to my future wife