That all depends on whether the policy beneficiaries NEED the money! Are you leaving this money to your children and grandchildren? Or are you each the beneficiary of the other’s policy?
At your ages, if this is a term policy it is likely to expire soon anyway. You likely bought it nearly 20 years ago. So at this stage you should probably keep paying.
As my good friend, Byron Udell, pres of Accuquote.com often says “The only way you win with life insurance is to die with the policy in force!”