Can You Cancel Life Insurance At Any Time? 
Yes , you can cancel life insurance at any time , but should give it some thought before doing so . Term Life Insurance has no cash value or surrender charges , so cancelling it is as easy as just stopping payments . However , if you do want a new Term policy in the future , rates will be most likely be higher due to your being older , and you may have had a change in health that prevents you from getting a new policy . You might want to look into converting part of your Term policy to Permanent while that window of opportunity is open . Cancelling Whole Life or Universal Life that has built up some cash value presents even more decisions . Is your policy paid up , or could it be , so that you do not owe anything else on it ? If you do take out the cash value , are you going to roll it over into something else ? Do you no longer have a need for Life Insurance at all ? Money can be tight and Life Insurance may seem to be an expendable item in the budget . But if a tragedy would occur , money would become a lot tighter . Sit down and talk to an agent before making your decision and you might be pleasantly surprised at the options you have . 