<prompt> Human: Sorry if this is a painfully obvious question, but, when one spouse dies, what is the other spouse supposed to do with their life insurance policy? Cancel it? A close family friend whose wife died 8 weeks ago asked my opinion on what he should do with his life insurance policy and I didnt feel equipped to help. They have no children, but he has one sibling. I assume this is just the nature of life insurance, it is canceled when the spouses die...is this the case?  <response>: If your friend and his wife had no children, then they probably didnt need any life insurance in the first place.If Im wrong, and they did actually need it, then he probably wouldnt be confused about it now.Your friend needs to think about who would be ruined financially if he were to die. If the answer is no one, then he has no need for life insurance. Otherwise, thats the person who should become the new beneficiary. 