The easy answer to drop your term life insurance is when you goal for that plan is met.

For example, if you purchased the plan to cover a 30 year mortgage and paid it off early and have no further need for the protection you should drop it. If the term is met and the rates increased drastically you may want to drop it and apply for another policy if your health is still good.

Another scenario may be retirement and the nest egg is fully funded with no unforeseen circumstances, it could be time to drop it or convert it to permanent life insurance or paid up life insurance if the need for a death benefit still exists.