Dropping life insurance coverage may seem risky, but there are times when it makes good financial sense.
The main purpose of life insurance is to support dependents when you die. If others no longer rely on your income, the money you spend on premiums could be put to better use — perhaps spent on day-to-day living expenses or saved for retirement.
If you keep a policy that you no longer need, you’re wasting money.
Following are circumstances in which you might be better off without life insurance.