Term Life Insurance: When to bail

Terry
I’m almost 74, in good health, no debt, a good pension, social security started at age 70, and comfortable savings including 457(b) plan, stocks, and cash savings. My wife has some additional savings of her own.
My embarrassing question: I’ve been paying a renewable term life insurance plan for $50k with MetLife since I was in my 30’s. Out of sight out of mind, and now that I’m at an age where annual premium increases are getting my attention, can I assume it’s worth the risk to end the policy with a current net value of $13k and channel what would be monthly premiums into savings? It appears I’ll soon have no choice as premium increases in the next several years will seem prohibitive.
Maybe I’m answering my own question but I want to make sure I’m not missing something.
Thank you.