First of all, you didn't say HOW MUCH insurance this premium buys! That helps decide whether it is a "good deal". Second, don't be so quick to give it up if you need the money to pay funeral expenses. A new policy for a 72 your old man would be VERY expensive. I suggest you contact the insurance company (not the agent) and ask for an "in-force ledger". That will tell you if there is any cash buildup in the policy. Then you can decide whether you would rather have the cash out now -- or whatever the face value of the insurance is at his death.