Few people can afford to be without at least some life insurance, but there are some situations where you could do without it altogether. Couples who own their own home free and clear, and whose children have left the nest for good, and who also receive enough income from investments to live well financially, might want to consider dropping their insurance, or not take out a policy at all. To cancel a term-life policy, simply notify the insurance company of your intentions and stop making payments. Putting an end to a cash value policy is not so simple, however. A cash value policy is part death benefit and part savings. Closing such a policy might not be a wise choice, especially if you're in poor health. Ending it now could cause the insurance company to consider you uninsurable if you go to purchase a similar policy later on. Check with a financial planner or legal professional to see if dropping a cash value policy is good for you. In the long run, having a little more insurance is usually much wiser than having not enough.