A lot of us prefer to keep life insurance just in case the worse ever happens. Lots of factors determine just how necessary life insurance is to each individual, but it is usually better to have it than not. However, there are a few cases when you really don’t need to carry life insurance, at least temporarily.

Time to cash out

Term life insurance policies must be kept (except in the worst case, of course) for a set period, but they can be cashed in at the end of their term. Buying a whole life policy when you are young and then cashing it in at retirement age may be an intelligent way to gain extra money.

After a divorce

Divorces change a great deal of the lives of everyone involved. Financial changes can be especially turbulent during these times. Often, it is best to make new financial plans, including life insurance. Losing life insurance for a time, then setting up a new plan after things are settled, can be helpful.

Long-term-care insurance is more beneficial

People who need a lot of care may receive greater benefits from having long-term-care insurance rather than life insurance. While this varies from case to case, if a person must choose between one type of insurance or the other, many times the long-term-care is actually more helpful.

Your dependents won’t need the payout

Life insurance is most essential for parents who have children or teenagers depending upon them for financial support. Once your dependents are completely grown and are financially stable all on their own, life insurance becomes unnecessary. It can still be helpful, but it isn’t essential and may be better let go.

You’re able to self-insure

Lucky people can be better off by insuring themselves than by buying a life insurance policy. If you can set a comparable amount of money aside to a life insurance payout, that can be easier (and definitely cheaper) than keeping up with insurance payments. Plus, it saves whoever you leave the money to a lot of hassle.