insurance in the plan... but only one person left

This is an old 401k plan that offers insurance to participants.  Over the years, a handful of participants have opted into it, but they've all come and gone... except for the owner (who is age 70+).  Do I have a problem now that the only participant in the plan with insurance is the owner?  If not, does that answer change if we stop offering it to new participants?  Seems like a BRF issue looming...

Thanks!

Is this a life insurance contract? Or an annuity contract? Or something else?

Does the contract require continuing premiums? Does the contract permit further premiums?

If there is a choice, does the participant want to pay further premiums?