My husband in his 60s has $500,000 life insurance — should we cancel?

With grown children and a $500,000 life policy costing about $100 monthly, the article advises reviewing the policy against current financial needs. It highlights evaluating the policy’s purpose (income replacement, funeral costs, estate taxes, long-term care), cash-value consequences and surrender charges, tax implications, and alternatives (term coverage, keeping minimal coverage, or using savings/investments). It recommends consulting the insurer or a financial professional before cancelling.

Individual life-insurance cancellation is primarily a household-level decision with limited immediate market impact, so importance is moderate. The article covers practical financial considerations—surrender value, tax effects, and alternatives—which may prompt consumer financial-planning actions but do not broadly move markets.