Can You Cancel Term Life Insurance? 
Can you cancel your term life insurance ? Yes , you can cancel a term policy a couple of ways . First , simply let the insurance company know in writing that you wish to cancel . They will cancel on the date asked for or the date of receipt of the letter if no cancelation date is given . They will refund any premium unused . The second way is to let the premium lapse . Why would you do it this way ? Because it gives you a grace period to really be sure it 's what you want to do . I remember my first day in this business , there was a couple of people in the office crying in loud voices , `` but he did n't mean it '' . They were there trying to reinstate a policy that the owner had just cancelled and died like a week later . There was the letter from the insured , demanding his policy be cancelled on a certain date and it was . Unfortunately , he died a few days after . 