It should be called "Death Insurance". It is to replace the income so the survivors
can continue on without any major financial impact to their lives.

Your income is your greatest asset. You are paying for the guaranty that the lost
income will be replaced.

You need life insurance if you can answer the following question with anything other
than 'no one'. Who would be financially impacted should something happen to me?

Term insurance offers an income protection for a certain number of years. If you
also invest during those years any type of permanent insurance is not needed.