Think of insurance as a form of risk management. You are passing along the risks of what you cannot insure, on your own, to someone else (i.e., a life insurance company).
When at all possible, you self-insure since the money you pay someone else to insure your assets or cover your liabilities is money you could have kept (and grown) for yourself. Life insurance is therefore not for you, it's for your family.
There are times to have life insurance and times when you don't need it IMO. If and when you have 1) no liabilities and 2) enough income coming in when a catastrophic event (your death) will not harm the family's income needs, then 3) you probably don't need life insurance.
No idea if this is helping
Hidden Content - Working on a $1 million portfolio and $30k per year from it.
We always viewed investments and life insurance as separate items. We found the combineded products confusing and we believe that where there is mystery there is margin. We like it simple. So we did our best deal on a pure insurance product.
We stuck with term life, as much as possible when the risk was high. Our circumstances did not warrant whole life.