Can I Cancel Term Life Insurance At Any Time?

1. 

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   Ted Ratliff

   Owner, SFS Associates,

   You can cancel any life insurance at any time.  No one can force you to carry life insurance.  Just call your company and tell them you no longer want the policy.  This may not to be to your advantage, however, so make sure you know what you are doing.  Life insurance is something you pay for with your money but it is your good health that will get you the best rates.  If your health turns bad you may not be able to afford a new policy.

   Answered on June 17, 2013

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2. 

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   Peggy Mace

   Most of the U.S.

   Yes, you can cancel term life insurance at any time. Since it does not have cash value, you will not be penalized by a surrender charge being deducted from cash value. Prices do go up with age, so be prepared to pay more if you plan to buy a new policy in the future.

   Answered on November 10, 2014

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