Is It Ok To Cancel Life Insurance? 
It is OK to cancel life insurance . If you have a permanent policy , there may be a surrender charge applied during the first years of the policy , which will reduce the amount of cash value that you get . However , you will not have to pay extra money to cancel your policy , whether it is Term , Whole or Universal Life . Sometimes there are other options than cancelling a policy , that can help you hold onto the death benefit while still lowering your premium . But if you do decide to cancel , be sure your new policy is approved and in effect before you drop the old one . 