When To Drop Universal Life Insurance? 
If your universal life insurance policy is using the cash value of the policy to supplement what you are paying in premium each month , just to keep it in effect , you will need to decide whether to keep or drop your policy . One of the factors to consider in making that decision is how much longer you need life insurance coverage . You can ask for an illustration to see how much longer your policy will stay in effect while staying on that same path . You also must consider how much you are willing to pay to make it last longer . You can also get an illustration asking how much more premium you would need to pay to make it last `` x '' number of years . Generally speaking , if you need the policy for many more years , and if you are able to qualify for a new policy , it may be in your best interest to take the cash value that you have and apply it toward a new Universal Life with a no lapse guarantee . If you do n't need the policy for many more years , it may be best to keep it . Contact a respected agent to help you see your options and make a sound decision about whether or not to drop your universal life policy . 