Should you drop your cash value life insurance policies?

That depends on your individual life insurance needs. If you absolutely need the cash payout from the money that has built-up within your policy, you may want to drop your policy. Or, if you can't afford the coverage, or don't need the coverage. Another reason people drop their cash value policy is to get coverage through term life insurance that meets their life insurance needs at a lower price. If you drop your policy to buy a new one, make sure you have been accepted and approved for your new policy, before you cancel your existing life insurance policy.