Can I Cancel Life Insurance At Any Time? 
Yes , you can cancel your life insurance at any time . If you have Term insurance , there is no penalty -LRB- unless you have ROP Term - Return of Premium Term , in which case you will not get back the full premium you paid in -RRB- . If you have cash value life insurance , you may lose some or all of your cash value to surrender charges if you cancel your policy in the earlier years . And of course , when you cancel your life insurance , you lose your death benefit . So contact a professional to review your choices before cancelling a life insurance policy . There are often options of which you may be unaware , that can save you money and possibly save at least part of your death benefit . 