When Can You Cancel Life Insurance? 
As Jerry said , you can cancel a life insurance policy at any time , as long as there is not a court order or contractual agreement for you to keep it . When you cancel a life insurance policy , the coverage is lost and you would have to start over again with being medically underwritten -LRB- or buy a simplified or guaranteed issue nonmed plan -RRB- to get a new policy . The new rates will be at your older age and current health . Be sure that you are approved by this new policy before cancelling an old one , or be sure that you no longer need life insurance before cancelling a policy . 