When Can You Drop Life Insurance? 
You can drop life insurance whenever you like . However , in many cases , the life insurance becomes more valuable the longer you have it . E.g. . If you purchase a 30 year term policy , the premium is averaged out over the 30 years . While you are younger , you are paying more than the actual cost of insurance for someone your age -LRB- that is why shorter term insurance costs less -RRB- . But once you get toward the end of the term , you are usually paying much less than the normal cost per thousand at your age . Unless you no longer need life insurance , or if the premiums have started to go up to an unreasonable amount , or if you had an improvement in health or weight or smoking status that will help you get a better rate with a new policy , consult your agent to be sure you are doing the right thing in dropping your policy . 