What Happens If I Cancel My Term Life Insurance? 
The premium for a term policy is guaranteed for a certain number of years . If you cancel the policy prior to the end of that term you will have paid slightly more for the coverage than was necessary . Few term policies have any cash value so there isnt anything to offset the cost of having carried the policy . However , if the policy has done its job and is not needed any longer it is not necessary to keep it . 