Life insurance should always be an absolute must have. 99% of employers provide it automatically. It pays out if you die or perhaps if you become a veg.
Most loss of license cases involve an individual being unable to be medically licensed due to some sort of debilitation. It is far from the end of life and your suggestion that these people die shortly after is just plain false. These people need a source of income after such an event and "term life insurance" does not provide it unless you die. So suggesting it as a replacement is not correct.
You cannot compare payouts of the 2 because they are totally different. One involves dying so of course the payout is more.
Anyway, term life is a must, but that is not what this issue is about my friend. It's about loss of license for the still living.
Enjoy your retirement.