Many good comments in this thread.

I had a large decreasing term life policy that tapered down in value every ten years or so but no evidence of insurability required at any point.  At the same time I had a smaller level term policy that stays the same to age 65.

The key is now is when you need the highest amount of life insurance but are probably least able to afford it. So go where you get the most bang for the buck and get a policy while you are young and healthy that does not require medical exams at any point in the future.  A combination of decreasing term plus a level term with no evidence of insurability on you and a decreasing term on your wife should cover you well for minimum cost now when you need it.

Some policies push convertibility to whole life but this is rarely exercised and costs considerably more. 

Once you get to age 65 most folks really don't need any insurance any more so why pay for it. You will likely have enough assets to cover last expenses.

Savings and life insurance are two separate things. No need to mix them.

I appreciate some responders identifying themselves as agents.

Jim at Dawn