Expert Q&A

Yes you can. However do make sure you cancel it for the right reasons and that you have a solid plan for execution. Do your math and make sure that whatever you do makes financial sense. And if possible get a second and third opinion/review by someone trustworthy (note: I did not say “qualified professional”).

In addition, at times it may not be the best advice to cancel a policy, because once the policy cancels it may become difficult to obtain another policy.

Most policies have a “free-look” period, up to 30 days, which varies by state. You may return your policy during this time for a full refund of premiums paid. Beyond the free-look period, a policy may be cancelled at your discretion, but depending on the company, type of policy, and surrender charges, you may forfeit some unearned premium and/or cash value accumulated within the policy.