Within the free look provision, you can decide to cancel your life insurance policy for any reason, including these: It doesn't meet your needs. When you receive your finalized copy of the policy, you may find you aren't satisfied with some of its terms. Your financial situation changes. Maybe you received an inheritance and now need less coverage. Or perhaps your spouse lost their job, and you need more. If your finances change significantly, the policy you recently purchased may no longer be a good fit. You find better coverage. Life insurance rates vary between policy types and insurers. If you find the same (or better) coverage for a lower price, you might decide to go with a different policy. Your employee benefits change. If your employer provides a large enough life insurance policy, you may not need the supplemental coverage you recently purchased. But before canceling, make sure your employer-sponsored policy offers adequate protection to support your loved ones if you were to pass away.