Term Life Insurance policies have no cash value inside the plan, or surrender charges, so cancelling it is as easy as just stopping your premium payments.
However, if you do want a new Term life insurance policy in the future, rates will be most likely higher due to your being older, and you may have had a change in your health that prevents you from qualifying to purchase a new term life policy.
Also, You might want to look into converting part of your Term life insurance policy into Permanent life insurance policy while the opportunity is available.
Canceling a Whole Life Insurance Policy or Universal Life Insurance that has built up some cash value may present more decisions.
Is your whole life policy paid up, or could it be, so that you do not owe anything more premiums on your policy?
If you do take out the cash value from your whole life policy, are you going to roll it over into something else? Do you no longer have a need for Life Insurance coverage in the future?
Money can be tight at times, and Life Insurance may seem to be an expendable item in the your budget. But if a financial difficulty arose, or a health problem would occur, money may become a lot tighter.
However, if you choose to do so, you can cancel your life insurance ay any time by stopping your premium payments, or sending a written request to your life instance company to cancel your life insurance policy.
You may want to review your situation with your life insurance agent before making such a decision.