I believe it is smart to have at least some life insurance. If left untouched or managed properly, the proceeds will pay upon your death, which is the time when your loved ones need it. It goes to them tax free, in most situations, and bypasses probate. The money can be paid to them in a lump sum or in a stream of money over many years. No matter what other investments you have, it seems smart to include life insurance in your portfoliio for its favorable traits as they relate to survivors.
The question is too vague. There is not a perfect answer to this general question because everyone has a different situation. Talk with a local professional agent and discuss your goals, current financial situation, etc and you will be able to design the appropriate financial plan. You will find that some people need to carry 8-figure life insurance needs and some will not need any and just need to focus on the disability/long-term care side of the equation.
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You really need to consider the appropriateness of a life insurance purchase for your specific needs.
If you have people who rely on your ability to earn income and provide for their well being than life insurance is most likely a smart purchase.