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Unless you are under a term life insurance policy, you probably have the option of cashing in your life insurance policy for a cash settlement. However, it is important to know when is a good time to cash in your life insurance policy and when is not. Ask yourself the following questions: - Does anyone depend on my income besides myself? – Am I old enough that marriage and children are likely not in my future? – Do I have enough money saved to cover my own final expenses? – Do I have enough money to pay for a lengthy nursing home stay? – Do I have enough money to pay for any health conditions that may arise? If you can answer yes to all of these questions, then you may benefit from cashing in your policy and saving yourself the monthly premium expenses.