Yes. You may decrease your voluntary term life coverage amount during Annual Enrollment (to a minimum of $5,000). The decrease in coverage will be effective on the following January 1.
Basic term life/basic AD&D coverage may be decreased by waiving the employee-paid part of the coverage and only keeping the employer-paid part. Caution: waiving the employee-paid coverage is a permanent choice unless you have a special qualifying event, e.g., birth of child.
Voluntary AD&D coverage can be decreased by changing from a higher coverage level to a lower coverage level.
While changing your coverage amount can only be done during Annual Enrollment, you may cancel your coverage at any time.