You can get separate coverage for that if you have an exposure. Another exclusion that can be important is earthquake. There are fatter commissions for whole life than term. So don't get pressured into whole life by a commission-hungry agent. There are some cases in which whole life insurance makes sense, but they are unusual for the typical buyer.
Life insurance is designed to protect the family in the event of the death of a breadwinner.
So you don't need life insurance on children. You don't need life insurance if you have no dependents. Sometimes it makes sense to drop an old policy. But often it is a marketing rip-off of the unscrupulous or uninformed agent. It may be better to buy term than whole life initially, but once you've bought the whole life policy, be very careful about replacing it with term or some other coverage.