This is a pretty expensive plan, and is probably making the insurance company rich. If you really needed life insurance to leave to your stepson, I checked on Accuquote.com and you could buy $100,000 of life insurance for about$62/month — assuming you are in good health and a non-smoker!
After you’re gone, the only real need for money is for burial expenses. I think you probably have that much in your retirement assets. Or you can pre-pay your burial expenses. So I can’t see why you need ANY life insurance. But if you do want to leave money to your step-son, or a charity, then make sure you get a better policy!
Otherwise, just invite him out to dinner once a month with the $40 you’re saving on life insurance premiums!