It's like this - over half of the first year's premiums go to the agent as his comission. The insurance like it because as you increase in age the payoff at death decreases from the original specified amount once the insured reaches a certain age and then again and again at regular increments. So out of all that money you have paid in you will very likely receive less than half the original if the insured lives past the age of 65, or whatever is specified. If you are retiring, your should be considering the age factor. They bought a new car and alot more with the cash-in values of all the policies they had.
Term is always the better choice, as a good insurance agent knows.
If you're retiring, I'm assuming that you've worked out your finances so that you can afford to live on your retirement income. If you have children, realize that they may help you financially with the final expenses, as well. Talk to an insurance broker to see what plans are available for his age and health. The insurance would then be money that you'd put into investments so you could live off the earnings. If it is term life, then the premiums are locked in for 20 years, this means that the insurance company can not charge you higher premiums.