EXCLUSIVE: Universal Pictures has abruptly canceled Term Life, the crime drama that had Vince Vaughn starring and producing with partner Victoria Vaughn through their Wild West Picture Show Productions banner. This comes after the studio recently set Hailee Steinfeld to co-star. Vaughn was to play a guy on the run who tries to stay out of the crosshairs of mob hit men long enough for his life insurance policy to kick in so his daughter can get the dough. Peter Billingsley had been set to direct. So many things have changed in such a short time at the studio — from the exits of Adam Fogelson and James Schamus and Andrew Karpen to the elevation of Jeff Shell to run the studio and Peter Schlessel to run Focus Features — that slate scrutiny seems inevitable. Studio insiders deny that’s what happened here. Despite the moves toward casting up the picture, Term Life just didn’t quite come together strongly enough to get greenlighted.