If you forget to pay your term life policy’s premium, for example, and then you don’t correct that error during the insurance company’s grace period, it can and probably will terminate your life insurance policy.
However, a life insurance company can’t cancel your term life insurance policy due to a change in your health status.
Another reason your term life insurance policy could be canceled: if you buy this kind of life insurance through an employer-employee group, your policy may be terminated if you leave your job or if you are fired.