You can call the carrier, stop the bank draft or simply stop paying the premium if you are billed on a monthly, quarterly, semi-annual or annual basis.
If the policy accumulates cash value, there might be a surrender value. Check with the carrier.
Life insurance indemnifies your family beneficiaries or business partners from financial liability and/or future obligations. Life insurance should be purchased for a financial reason. If that reason ceases to exist than you can consider dropping your life insurance. Since medical and funeral expenses never go away, everyone should have life insurance to pay for it. You can use your own cash reserves and prepay it, but it may not be the prudent thing to do.
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 (that is why shorter term insurance costs less). 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.
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You can call the carrier, stop the bank draft or simply stop paying the premium if you are billed on a monthly, quarterly, semi-annual or annual basis.
If the policy accumulates cash value, there might be a surrender value. Check with the carrier.
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.