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I've been toying with this also. My sons are on their way to adulthood. (lol, one is fighting it tooth and nail, he's figured out that college is a pretty nice gig.)
So as it stands if I kick the bucket, they will each inherit a house with no mortgage and a pretty nice payout from some IRA's and 401K's.
LOL after all the stress they caused me as teens they definitely better get me a nice headstone.
I don't have grandkids yet. Do seniors with adult children keep life insurance policies?
I have a 50K from my old employer,
A WholeLife my grandparents got me when I was born, 30K Now i think.
10? (last count) $1K 1 year term polices from various banks, credit cards, associations, I belong to/have, Have resend in the forms each year, saying I want the 1K but don't want to buy any more. (Free).
Right now I have just what I get "for free" from work. House is paid for, close to $1M in 401K, no debt. DW should be able to "take it from here" if I buy the farm.
No bio kids. DW has her daughter here in the US (she's from Ukraine). Daughter has a good career as an accountant, married to a guy who quit Microsoft to work at a startup. Already they don't need any money from me, not at all.
I bought a policy on my husband about 30 years ago payout amount 300K and I have kept it in force all this time and won't give it up now he is 67 and has Parkinson's. We live on SS only no other income and if he dies I would lose mine and take up his but that is a monthly loss of $1039. So I will need that insurance money to keep living.
Dropped it all. Only have the retiree benefit from my old employer which will be enough to plant me six feet under. Want a headstone primarily for future genealogical hunters.
Only daughter is a terrible money manager and I'm not inclined to contribute to her continuing irresponsibility. My brother will get the house and distribute the proceeds as he sees fit.
Many years ago we took 2 policies out on my DH. One ends when he is 65 next year. Smaller one at age 70. Funny thing is when we took them out 65 and 70 seemed so old!!! We have a small one on me that we'll keep. It's cheap and will help a little with final arrangements.
Wife and I never owned any life insurance even before we retired. We both made a good living and could get by without the other and we considered it a bad bet. We did consider getting some after we retired but as former smokers the cost was out of sight and many did not even want the business. Made no never minds to us.
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(lol, one is fighting it tooth and nail, he's figured out that college is a pretty nice gig.) 
they definitely better get me a nice headstone. 
