Life Insurance and mortgage

[TheRebelRam]

Is it necessary to carry on paying life insurance when it is not really required.
e.g. a couple of pensioners with only a few grand left on their mortgage. They are well covered insurance wise and pension wise for the future but are still paying about €80 per/month on life insurace.
Is it possible/legal to quit this life insurance and keep paying the mortgage?

 

[Ravima]

if they are happy to carry the risk themselves, then it shoudl eb ok with lender. There might be a problem if it is the PPR, but if they are happ yto carry risk and mender is also happy, then they should be OK. It might be better to check with lender first, rather than simply stop paying the premium.

 

[PM1234]

This needs to be checked with their lender. If it is a requirement to keep life cover in place, they could look into the possibility of altering their life assurance policy resulting in reduced cover and term to satisfy the lender.