Yes you can cancel life insurance at any time, there is no contract that requires that you keep the policy. There are situations where the courts in divorce situations have required a parent to carry life insurance until the child reaches a certain age, but this is a civil requirement not contractual.
Yes, you can cancel life insurance at any time, but should give it some thought before doing so. Term Life Insurance has no cash value or surrender charges, so cancelling it is as easy as just stopping payments. However, if you do want a new Term policy in the future, rates will be most likely be higher due to your being older, and you may have had a change in health that prevents you from getting a new policy. You might want to look into converting part of your Term policy to Permanent while that window of opportunity is open.
Cancelling Whole Life or Universal Life that has built up some cash value presents even more decisions. Is your policy paid up, or could it be, so that you do not owe anything else on it? If you do take out the cash value, are you going to roll it over into something else? Do you no longer have a need for Life Insurance at all?
Money can be tight and Life Insurance may seem to be an expendable item in the budget. But if a tragedy would occur, money would become a lot tighter. Sit down and talk to an agent before making your decision and you might be pleasantly surprised at the options you have.
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Cancelling Whole Life or Universal Life that has built up some cash value presents even more decisions. Is your policy paid up, or could it be, so that you do not owe anything else on it? If you do take out the cash value, are you going to roll it over into something else? Do you no longer have a need for Life Insurance at all?
Money can be tight and Life Insurance may seem to be an expendable item in the budget. But if a tragedy would occur, money would become a lot tighter. Sit down and talk to an agent before making your decision and you might be pleasantly surprised at the options you have.