As you age, the need for insurance becomes less in many cases. Mortgages are paid, children leave home, and college educations have been taken care of for everyone. Many people have found they have other options to cover any expenses after saving and investing all their lives. For these, and other personal reasons, they drop their life insurance policies.
While these are acceptable reasons, you should also consider keeping your policy if you still have dependants to worry about, a mortgage to pay or no other way to cover funeral expenses.
Each person will have to examine these circumstances in their lives and evaluate if they still need to carry insurance or not. Smaller policies may be recommended or other options that the insurer offers. Discussing these matters with a financial planner or an insurance agent will allow you to make the right decision.