Can A Life Insurance Policy Be Cancelled? 
Yes , once a policy is approved you the policyholder control early cancellation not the insurance company . Their contractual obligation is spelled out in the policy . For example , a 20 year term life policy is guaranteed a level premium for 20 years regardless of change of health , employment or residence . You may cancel anytime by either a written notice on a cash value plan in order to recoop any cash value owed to you or on a term policy , you can just not pay the premium and let it lapse . It is always advisable to contact your agent or broker to be sure it is wise to drop a life insurance policy . 