My view is this:
What is the basis of insurance? Why is insurance created initially? The purpose of insurance is to protect one's economic value. How do you measure economic value? Do singles need insurance? If yes, what insurance does a person really needs?
The basis of life insurance is protection. life nsurance is created to protect one's economic value by shifting the risk of undertaking the protection to a pool of funds that may pay out if something happens to this person according to the terms and conditions of the policy. As a policy that is of protection, it is not meant to be used for investment purposes in the very beginning. However, with the creative energies of insurance company to create products that can yield measely returns I call it, they begin to market Life insurance with profits (which to me is a bane for investment and for those with investment knowledge) which actually the first yr of your dear premiums are used to pay for the commissions of the agents and subsequent 2nd or 3rd yr to pay for heavy admin fees which the company charges and then you really have to hold the dear policy for 15 yrs to garner a breakeven point.
So the very basis of life insurance is protection and the very first policy is the term insurance with no profits attached. Pure pool of funds for protection basis.
If you are single, have no dependents, you do not really need life insurance with profits (be it investment linked variants or traditional with profits varients like whole life or endownment) at all as nobody depends on you. You will probably need health insurance, disability insurance, illness insurance, liability insurance all within the term means. The purpose of life insurance is to protect, not invest, that is the heart of insurance.
For those with family, the economic value exist only within your means of providing to the family in the growing up yrs of your kids or wife depending on your income for survival. Then one can have a term life insurance together with health, disability, illness, liability all within term means. The term life may insure you till 60 or 65, it is ok because do you think that you will have economic value beyond 60 or 65? Do your dependents depend on you when you are that age or they are independent financially even when you are gone? By then, your dependents should have grown up and not depend on you anymore. You spouse may also not depend on you anymore as he/she may have the savings + investments that is good for retirement till the golden yrs.
My view is that there are better avenues to grow that money rather than in life insurance with profits. Keep it simple. Life insurance is used for protection, so keep it that way. But one has to be disciplined to pay the premiums or set aside a sum of money for this, just like life insurance with profits.
Some agents may tell you that look, life insurance if you don't pay premium, you may have basic protection at a certain level but again as I see it, this is a fallacy because if you can structure your finances in such a way that you can set aside a sum of money to pay for whole life, then with term, it will not be an issue at all as maybe premiums paid for whole life for 10 yrs is enough to finance your term for 50yrs or more (No joke, do your computation by comparing premiums).
Also there is such thing as level term or increasing term, so again, don't be tricked by unscrupulous agents who do not tell you frankly what is all this and bring the fear factor into your heart and minds.
But at the end of the day, it depends on your approach. A product is created to meet certain needs, is this the need that you really need or it is a want? Is there better ways of investment avenues you can find? The traditional return rate for whole life is miserable now, like 3% - 4%.
One word of caution, if you are already having a chronic illness or your health is not that good as compared to many yrs ago, then pls do not give up any of your insurance policies be it with profits or term as you may not be insurable or if insurable may face higher premiums due to your health situation.
One way is to buy the term insurance, confirm you got the term insurance at normal rates due to your good health (while the insurance company will ask you questions and may send you for checkup and you have to be frank with it) and then wait at least after 3 months after you had the term insurance before you give up your other with profits policy. This is because there is a waiting period of 3 months for the insurance to cover you totally as the insurance company have the option not to honour the contract if found out that this 3 months some illness hits you or found out you have existing illness in a healthcheck etc.