The older you get the more expensive the cover is: That’s right! If you cancel your life insurance today—maybe you’ve had it for a couple of years or even longer— and then decide later down the line that, in fact, you do want life cover, expect the premiums to rocket in price! The older you get the greater the chances of you dying become (along with the increasing number of health complications that come with age unfortunately) and so for a company to insure you it is a bigger risk for them to take—hence why the premiums increase in value.
Leaving your family at risk: Here is a little scenario. Yourself and your partners wages cover the mortgage payments, bills, food, kids etc. Your current life insurance policy covers your mortgage if you were to pass away. You then cancel your policy. Sadly, you pass away and leave behind your partner with all the payments to cover with just one wage because you cancelled your policy and therefore didn't get a payout...If you cancel your life cover now you leave the risk of putting your family in some serious financial difficulty. Not to mention the prices of funerals these days are at least £4000+, ouch!
It would be a waste of your money to cancel: Once you pay your life insurance premium for the month, that money will not make its way back to you. Therefore, to cancel your life insurance policy after paying it at maybe £15+/month for 5,10,15 years perhaps, would mean that a large amount of your money has been paid into an insurance company’s pocket. And for what? Cancelling your policy only eliminates your chances of a payout. If you cancel your policy today, you might as well have never taken the policy out in the first place and used the money that you spent on something else!