A. Yes, if you are the owner of a life insurance policy, you can cancel the policy at anytime for any reason. The insurance company is obligated and cannot cancel the contract, even your health condition deteriorates later, unless they catch any misrepresentation by you during the first two years or in the event of fraud.
Before you cancel, you should explore alternatives with you agent. There may be alternatives available. In addition, there may be tax consequences if there is a policy gain.