Not really. You’d have to cancel your whole life policy and then buy a term life policy. If you’re thinking of switching because your monthly premiums are higher than you would like, there are a few things you should know: Premiums for term life go up as you get older, while whole life premiums stay the same, so at a certain age, you’ll actually pay more for term life. If you’ve had your whole life policy for quite some time, you may have some cash value built up in the account, which you could start using to pay a portion of your monthly premium.