>> keep the money

They keep the money? What money? This is term insurance right? If it's not then hell YES cancel it. Full Life policies are usually a pretty bad investment over time. Just about anything trumps them. If this is Term and you were going to get some money, you'll have to explain the policy. That's sure as hell not how mine works. <img src="/images/graemlins/smile.gif" alt="" />

Again, Insurance is about comfort levels. If your wife can live comfortably on what company insurance would pay out and what you have in your retirement, you don't need this.