Yes, you can cancel your life insurance at any time.
If you have Term insurance, there is no penalty (unless you have ROP Term - Return of Premium Term, in which case you will not get back the full premium you paid in).
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.
Licensed Life Agent, Life and Finance/ 50 States, New York
Yes, you may cancel your life policy at anytime. There is no obligation cor you to keep the contract. You may call your company or agent and inform them. You many also let the policy lapse which is not a good idea due to underwriting. The company can only cancel your policy for non-payment of premium, fraudulent activities, and withholding facts during the application phase.
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If you have Term insurance, there is no penalty (unless you have ROP Term - Return of Premium Term, in which case you will not get back the full premium you paid in).
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.