In social networks of human individuals, social relationships do not necessarily last forever as they can either fade gradually with time, resulting in "link aging," or terminate abruptly, causing "link deletion," as even old friendships may cease. In this paper, we study a social network formation model where we introduce several ways by which a link termination takes place. If we adopt the link aging, we get a more modular structure with more homogeneously distributed link weights within communities than when link deletion is used. By investigating distributions and relations of various network characteristics, we find that the empirical findings are better reproduced with the link deletion model. This indicates that link deletion plays a more prominent role in organizing social networks than link aging.