Don't forget that the insurance actually provides a good benefit for your estate if you die.
A lot of people who pay off their mortgage early, hold onto the life insurance for the cover it gives them.
You are older now than when you took out the policy, so life insurance might well be dearer.
If you have had any illness since you took out the policy, such insurance might well be dearer.
By any chance, is the financial advisor suggesting that you cancel it and take out a new policy through him?
If so, make sure that it's better value and that you are not taking out a worse policy so that he gets commission.
Brendan