Can You Cancel Term Life Insurance? 
Yes , you can cancel Term life insurance by notifying the life insurance company or your agent that you want to cancel it , or by simply stopping payment of premiums . If you are paying by automatic withdrawal , you may want to formally cancel your policy so that you do not get a charge from your bank for dropping that automatic payment without notice . There is no surrender charge and no cash value returned when you cancel your policy . If paying your current premium has become a problem , you can look into reducing the face amount in order to bring down the premium . If you want something longer , you might look into converting your current Term policy into permanent coverage , especially if you have developed a health condition since you first took out your Term policy . 