When Should I Drop Life Insurance? 
It ultimately depends on your personal situation , but there will always be a need to have life insurance coverage -LRB- such as income replacement for your spouse , burial expenses , fees for the handling of your estate , leaving a legacy to your loved ones , etc. - using life insurance to provide income for your spouse after you die is a major need for coverage that is often overlooked -RRB- . You may simply need to change the amount of total coverage you have in force as your needs change , but you will most likely need to have some level of coverage in force forever . The most common type of life insurance that gets dropped is term insurance . The reason usually being that the term period on the policy is expiring/has expired and the premiums start increasing . When this happens , people usually buy a new policy to replace the old term policy to save money on their premiums . If you 're unsure about what to do for your specific circumstances , speak with an experienced broker who can help you determine the best course of action for your specific needs . I hope the information is helpful - please feel free to contact me for further assistance and if you have any other questions . Thanks very much . 