I don't have any insurance; I had term insurance until after I got divorced and my childrens' college expenses were covered. That is the best way to go as a saver like you and your wife.
Get a term policy. Whole life is much more expensive and life insurance is not needed once your kids graduate college because your family bills will be small. You and your wife are savers; the money you guys set aside will be more than enough to take care of her.