You may have been paying life insurance premiums for years – perhaps even decades. But now, life looks different. Your children may be financially independent, your bond could be paid off, and your retirement savings might be on track. Naturally, you start to wonder: Do I still need this policy?

It’s a common question, especially in midlife or as you approach retirement. The rising premiums can feel harder to justify, and letting go of the cover may feel like a waste – especially after investing in it for so long.

Before you cancel, it’s worth pausing to reflect:

Why did you take it out – and do you still need it in retirement?

Think back to why you took the policy in the first place. Was it to:

• Protect dependants?
• Cover a home loan or debt?
• Provide liquidity in your estate?

If those needs no longer apply, and your retirement feels secure, the cover might no longer be necessary. But don’t forget to check whether the policy is still tied to a bank or third party through a cession.

Check your group life cover

If you’re employed, don’t forget about your group life cover through your company. It’s often overlooked because premiums come off your salary automatically.

Is the premium still worth it?

Many life insurance policies increase in cost over time, but the benefits stay the same. Ask yourself:

• Is the premium escalating faster than inflation?
• Could this money be better used elsewhere?

Look for hidden benefits

Before cancelling, check what else is bundled with the policy:

• Income protection
• Disability cover
• Dreaded disease benefits

These are often valuable, especially if you’re not yet retired or still reliant on your income.

Could your children take over the premiums?

Some people ask their children to continue the premiums so they can benefit from the payout one day. It’s a long-term view that may suit your family dynamic.

Cancelling life insurance is a big decision and shouldn’t be made in isolation. Speak to your financial planner to understand what benefits you may be giving up, whether other cover (like disability or dread disease) is linked, and if the money could be better used elsewhere. It’s about making intentional choices that support the life you’re living now – and the one you’re still creating.