Vince Vaughn's new crime drama Term Life has been shelved by bosses at Universal Pictures.

The Wedding Crashers funnyman was set to star in and produce the movie, about a man who goes on the run to avoid a mob hit long enough for his life insurance policy to kick in for his daughter.

The unexpected news emerges shortly after studio executives announced Hailee Steinfeld would feature as Vaughn's kid in the big screen adaptation of the Term Life graphic novel, according to

Staff changes at Universal are rumoured to have prompted the cancellation.