Does this affect my credit, or my ability to start another life insurance policy in the future?
1. You will not have life insurance.
2. It does not affect your credit or your ability to start another policy in the future.
3. If you are not able to start a new policy in the future for other reasons (not because you closed this one), then you will not be able to have life insurance.
Does this affect the ability to start another policy in the future? No, but understand that you will be older; the premium will be higher for a similar life insurance policy with the same limits and you will have to go through health underwriting to establish your insurability.
Have you considered taking a loan on the cash value instead? You may be able to take a loan out of up to 75-80% of the cash value in your life insurance policy.
Here's how you can learn more about whole life insurance and how it works.