Is it ever OK to cancel your life insurance?

Is it ever OK to cancel your life insurance?cc(Photo: Thinkstock)Life insurance policies aren’t always for life. Whether you have a whole life or a term policy, there are sometimes good financial reasons why you might decide to cancel it.Giving up a policy isn’t an easy decision. Once people decide to buy life insurance, they rarely opt out. Just 5.7% of individual policies were terminated in 2013, the fifth straight year the rate declined, according to the American Council of Life Insurers.Still, dropping a policy isn’t necessarily a bad idea, particularly if you’ve had a major lifestyle change. But there might be hidden costs, and if you’d like to stay insured, you could have options other than cancellation.Here are some reasons to consider a change.

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