When Should I Cancel My Term Life Insurance? 
Based on my 33 years as a life insurance broker , there are multiple answers to your question . Since there are different types of policies -LRB- guarantee periods , conversion options etc. . . -RRB- different face amounts of coverage , and of course , no identical household financial situations , it 's critical to speak with an experienced broker -LRB- and their website -RRB- . Other variables include how your needs have changed , changes in family makeup , budget concerns and possible health issues . This is the type of issue we work with every day and to properly assess your situation , more information is needed . The ramifications of terminating a policy are substantial and the correct decision must be made . 