Your life insurance needs may change when you retire. Life insurance needs often decrease. Some people may need a lot of life insurance to help pay estate taxes. This depends on how the furor over eliminating the estate tax is resolved. My best guess now is that if the estate tax is maintained, those with estates of less than several million dollars are likely to be exempt. So unless you're rolling in it, you're more likely to need less, rather than more life insurance coverage. Another possible exception to that sweeping statement is if you need to replace any life insurance you had through your employer to support family members who remain dependent on you after you retire. By the way, if your employer allows you to continue life insurance coverage after you retire so long as you pay for it, this is often a low cost way to maintain the coverage.
Here are some matters to consider:
If you need more coverage. While retirees more often find that they need less life insurance, some need more. If you need to acquire additional life insurance at retirement, particularly if you'll need the coverage indefinitely, rather than over just a few years, you'll almost certainly need to obtain cash-value insurance (also called "permanent" insurance) rather than term insurance. While term insurance was very inexpensive in your younger years, it can become prohibitively expensive in your later years. If you need to acquire cash value insurance, consider sticking with old-fashioned whole life insurance rather than the new fangled cash-value life policies that could work out okay, but in selecting financial products, it's often best to stick with the basics, and there's nothing more basic than whole life insurance.