Yes, you can cancel your permanent insurance policy without a fee, but there may be some additional consequences you will want to consider. The cash value in a permanent insurance policy will grow without tax implications for as long as it remains in the policy. However, when the policy is cancelled, any cash value paid out may have taxes owing on it. In addition to the tax consideration, if you ever require coverage again in the future, you would have to reapply. Your premiums would be higher with your increased age and any changes to your health could affect your rates or even your insurability. Our Niagara Falls Hometown team has a comprehensive understanding of your options, so that we can assist you in making the best decision for you and your family. You may be able to use your cash value to pay premiums or even access some of the cash within the policy while still keeping it in-force.