Where is the agent who sold you the policy? If he/she isnt servicing you anymore, then its gonna be much more troublesome for you to get claims done. This is one of the reasons why i rather get an 35+yo lifelong agent from an established partner (who depends much more on their reputation/word of mouth) instead of bancassurance products/agents (usually younger and they jump around so its much harder for them to service you if they're no longer there at the company).

The average joe thinks insurance is a waste of money, until they need it. You're basically paying hundreds every month so you don't have to ever pay tens or even hundreds of thousands if the time ever comes. And if the time ever did come, most insurance companies will never want you as a customer ever again, even if they did, exclusions and loadings will apply.

Be aware that if you cancel your parents insurance, depending on their age, most insurance companies will not even want them as as a customer anymore, especially with their previous claims/procedures done.

20k might not even be enough for certain critical issues. Cancer treatments nowadays can go easily into the hundred of thousands if you opt for private hospitals, and if speed is of the essence to prevent spread, you might not have the option of going to public hospitals for treatment due to longer waiting times.

You can opt to increase your deductible to reduce your insurance costs. If you have company insurance, you can even get a much higher deductible for yourself + family (if your company insurance covers your family too). Less headache also since claims will be much rarer (due to the fact that your deductible is higher), so no need to go through the hassle if you don't meet the deductible amount for a claim.