Life changes and so should your life insurance program. As debt and obligations wane, so could your life insurance death benefit or look to a final expense policy instead.
Life insurance policies have worth, they are an asset. Before you stop paying the premium and let the policy lapse, check into its value and you may be able to get a payment for it.
Funding buy-sell business arrangements with key-man life insurance is a smart business decision because life insurance is a way to fund the transaction with discounted dollars.