Is it ever a good idea to cancel or terminate a life insurance policy?

My wife and I are ready to retire debt-free. When does it make sense not to have life insurance? Or, should you always have life insurance?

Retirement, Life Insurance
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March 2017
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Life insurance is intended to provide income replacement for those who are dependent on your income. If you are retiring, you will no longer have income from your salary, so you may not have a need for life insurance unless you have a life-only pension payment. Other reasons to maintain life insurance would be for final expenses, debt elimination, and education funding. If you have sufficient assets to cover your final expenses, you have no debt, and your kids/grandkids are not dependent on you for education expenses, then you may not need life insurance any longer.

March 2017
March 2017
March 2017
March 2017