What Happens If I Cancel My Life Insurance? 
My answer would be `` do n't do it unless absolutely necessary '' ! The reasons mentioned above are great , but also think about your health which will affect what you premium payments would be . Several health issues will affect your premiums : Smoking , if you quit for a year some companies will give you a better rate . High Blood Pressure Diabetes Many many others . It is becoming increasingly harder today to get an insurance companies best preferred rate . This is due to better testing and reporting by your doctors . So if you have a good rate on your policy when you bought it the odds are you wo n't qualify for that same rating several years later . 