When To Give Up Term Life Insurance? 
You do n't ever need to give up term life insurance , and should not do so unless you have given it a lot of thought . Term life insurance is the least expensive type of policy you can get , and most people have gotten the cheapest premium they will ever get on the policy they own right now . The exception to that might be if you had a health condition that has improved or cleared up since you bought your policy ; if you quit smoking over a year since you bought your policy ; if you lost a lot of weight and kept it off for at least a year since you bought your policy ; or if life insurance rates have dropped across the board . You also might find a new , lower rate with another comany , or by taking a shorter term . Visit with a good agent to see if any of these apply to you . If you want more or longer term , sometimes it is more cost efficient to take out a new policy in addition to the one you have . Sometimes it is better to combine both coverages into one new policy . Again , an ethical agent can help you determine what is best in your situation . 