re: When do you no longer need life insurance?

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That is like saying a financial catastrophe is OK. So what. You've had a bankruptcy. No biggie. Toughen up buttercup.

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Truth. Still, no need. It's a want.

Your bankruptcy reference has nothing to do life insurance. The debt created the bankruptcy (I'm guessing in your reference). But bankruptcy is a process to remediate a debt position. So, no need for life insurance. A want? That's different.

OP asked when do you no longer need life insurance. If I'm paying the premium, I want it until it pays its benefit. I may not need it, but I want it. It's too valuable. It's like asking how long do I want to own a house? I don’t need it. I can rent.

I would never use someone else's "rule of thumb" with regard to my insurance planning. Some people do not feel the need for insurance as soon as their dependents can survive on their assets. As an old guy, I am already there, but I want my wife to have the standard of living that we would have had with me continuing to work since I have decided to work for a long time. I also have a desire to be generous with nieces and nephews, and that is a personal goal that many do not share. I would ask yourself "What do I want to see happen if I suddenly died".

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Now, an example of a potential need could be a bank requiring the borrower to purchase insurance as a qualifier for a loan. That's the bank's desire to protect themselves from a certain financial risk. The borrower would not have to comply, deny the request, and then the decision would be made. Do they want the loan? Is there another lender available?

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That’s the example that I was just about to give before seeing your post. If only life was that simple. Unfortunately it’s not.

As one of my ventures grew in size, our bank required my partner and I to carry “key man” life insurance policies. I suppose one could play semantics and say that this was their want, but their want became our need. Could we have jumped through hoops and found another bank or financier that wouldn’t have required this? Possibly. But at a certain point you get to the point of saying that signing loan documents is also a want and not a need. I became “acquainted” with a fellow from New Jersey who financed things and he didn’t require document signatures. I doubt that he required key man life insurance either. But if you didn’t pay him back, I suspect that life insurance might have been the least of your worries.

So all that to say, dying on that hill (“no one needs life insurance”) won’t work. Maybe it’s some or even most, but it is not a universal truth.

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We’ll by that logic you don’t need a job or shelter either. People do without.

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Correct. So many choose to live that lifestyle. Life is all about choices. Some choose wisely. Others choose unwisely. It's rather simple to understand. My choices differ from yours because we earn, spend, save, invest, worship, eat, vacation, are taxed differently. OP asked about no longer the need for coverage, my "threshold", and with an understanding that we all can differ.

Everyone wants life insurance. No one wants to pay for it. It's quite interesting.

It's not a need.
It's a want.

I want it until the death benefit pays, or if I have completely utilized it's intended purpose. I don't need it.

Point is, everyone is different, and we all make choices. I'm not trying to convince you, or anyone here, on what they "should" do. For some strange reasons, the life insurance topic generally inflames people emotionally. There's a lot of insurance teams around here.

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So do the deceased's bills.

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Dead people don't write checks

That's why I use that example. You want a loan. Bank wants you to insure it. You choose. That's a business negotiation that differs from what I think OP means.