Can You Cancel Life Insurance At Anytime? 
Yes , you can cancel life insurance at any time . With Term insurance there is no penalty for cancelling at any time , except for losing the coverage . With Whole or Universal Life , there is a surrender charge in the first years of the policy that will be deducted from any cash value you might have gotten back . If there is no cash value , you simply lose the policy . Keep in mind that , unless you paid extra at the start , the first years of the policy do not generally accumulate cash value as quickly as later . Talk over cancellation of your Whole or Universal Life with an agent who can explain the consequences and options for keeping it in some form . You may find that cancelling is not want to do , after all . Or you may have affirmation that you are doing the right thing . 