I don't get why people advocate term life insurance. If you outlive your term, you may as well have gathered that money into a pile and set it on fire.
You get term insurance in case someone depends on your income to pay debts, and then you get the amount they need to replace your income or at least get things under control.
Term insurance is very cheap when you're young and most likely to have few assets accumulated, thus making insurance valuable if you have a spouse or kids, mortgage, etc.
As you get older and grow assets, you should no longer need life insurance, because your assets are sufficient to cover your liabilities/take care of your dependents. That works out great, because insurance gets more expensive as you get older.
So get it early (and pay very little) if people are truly dependent on your income (i.e., it's not supposed to be a windfall to a relative). Then plan on outliving it, and stop paying once you're in a good financial position. And yes, you'd prefer to "throw away" the money rather than die early--hopefully!