Deciding when to cancel a term life insurance policy usually depends on when your financial liabilities expire. Many policyholders choose to drop term coverage once their children are financially independent, their mortgage is fully paid off, and their retirement savings are large enough to self-insure. This typically occurs between ages 55 and 65. If your policy term is nearing its end anyway, letting it naturally expire avoids ongoing premium costs.
1 votes
Marked as accepted