Over 50 Life Insurance plans are intended to be a life long commitment, what this means is that they typically have no early cash in value. So, if you stop paying you will get nothing back and you will also get nothing back if you die.
Most providers offer the ability to lower your monthly premiums but this is generally a one way offer, once reduced they cannot then be increased again on that policy. By reducing your premiums you will also be reducing the value of the payout when you die so this decision is not one to rush into. Many providers will offer options to defer payments or provide a payment holiday without cancelling your policy. This may be a better option for you – it does mean that you have to bring payment back up to date to continue cover but will help you overcome short periods where cash may be tight. SunLife is a good example here, giving you 6 months to bring your policy back up to date and continue cover as if nothing had happened.
If you have been paying your premiums for a long time then there are some companies that will offer the ability to stop paying further premiums and still have a reduced sum paid out on your death. Royal London provide a generous offer here once you are more than half way through your policy payments.