When Should You Cancel Term Life Insurance? 
That is a great question ! There are a couple of good reasons why you may wish to cancel your term policy . The best would be that you 've paid off early the debt you took the policy out to cover against . It would make no sense to continue paying , at that point . The second would be that it was due to auto-renew , and your premium is about to skyrocket . -LRB- which it does -RRB- cancelling the policy before it becomes unaffordable is wise also . The last would be if you reached a point where you had a whole life policy , or had made other arrangements to provide for your final expenses and your surviving loved ones financially . Again , at that point it makes little sense to pay for a policy . I hope that helps , thank you for asking ! 