Having concluded that we have reached the point where we can retire, it was time to ask whether we still need to carry a term life policy. The short answer is "no" - by definition if there is enough money to support myself and my family for a retirement period that could run for 40+ years, then there is enough money to support my family without me.
Now that I can retire, the annual premium changes from being the cost of ensuring that my family will not suffer financial distress following my death to an unnecessary expense - and quite a large one at that.
The fact that the policy was on very good terms which could not be obtained again should I change my mind at some time in the future is, of course, entirely irrelevant.
The policy has now been cancelled.
Next project: update my will.