Should I choose term life ins. if I am funding my 401k properly?

Im trying to decide between term or permanent life insurance, but I'm finding permanent is a bit more expensive. The majority of the need of life insurance comes when a person is raising children and paying a mortgage. For me, a 30 year term policy would cover that time period (25-55 years old). If I am properly funding my 401k (which I am; 10-15% of my salary) is term insurance acceptable? Is there much need of life insurance when my wife & I are, for example, 65 years old and retired?