you also have to be careful with your travel agencies or where you book it from because sometimes they will impose a fee as well. Check it out--we've been burned because we put a deposit on a cruise about 4 years ago-we decided we couldn't afford it at the time and cancelled well outside the penalty period, however the travel agency who we booked it from had their own fees on top of that--and it didn't matter when you cancelled--they still charged. Just be carefull about that--their are alot of angencies out there that don't charge any additional fees' etc. just do your research.
You can cancel a reservation outside the penalty for any reason if you have travel guard or any other insurances. You just need to check with the cruise to see when penalty kicks in and ask your travel agent if they have a fee if you cancel... Some are like $50.00 per reservation.