When Should You Cancel Term Life Insurance? 
You may never have a reason to cancel Term Life Insurance . If you are paying a reasonable rate but no longer need the coverage , you might consider changing your beneficiary to a charity or grandchild . You can even convert your Term insurance to Permanent so that the policy never ends . If you got your policy at a young age and in good health , you will never get rates like that again , so think twice before you cancel it . You may even find that a relative is willing to help pay your premiums for you to keep or convert it , so that they do not have to worry about how to pay for your final expenses when you pass . 