Am being charged by a major bank close to $200 a month for a...

Am being charged by a major bank close to $200 a month for a policy that only covers me for $127,629. I have found I can get the same cover for half the price. Have also deemed I would be better off diverting this to horse racing as you get lump sum payments in return constantly.

So is life insurance worth having at all or is there something better?