If you feel that you no longer need a whole life insurance policy you may be impulsed to stop paying the premiums and you will let your policy to be lapsed. The whole life insurance coverage means for the coverage for the coverage of your entire life. There may be several reasons which will hover in your mind as to stop your life insurance policies. These may include that death is no longer threats to cause any kind of financial threat to your loved near and dear ones, again it may be that you find your premiums to be very expensive.
However if you think that you no longer need the life time insurance then you should first think that why you no longer need the insurance. Now if you are unwilling to pay your premiums than you can use the cash value in the contract to purchase reduced paid up insurance. Paid up insurance is the the policy in which you have to have the enough cash value to cover the cost of insurance for the rest of your life. Paid up insurance can be purchased by using 1035 exchange and get the different life insurance policy. There may be many options for terminating the whole life policy. these may include surrender of the policy.