Do you have good pension provision? If so, then if you became ill would you be able to retire? Or in broader terms, if you were diagnosed with one of the covered critical illnesses, how would you be able to cope financially? If (as I suspect) the answer is that you'd be okay financially, then you don't have a need for the critical illness cover.
You can choose to keep it on, but if you don't need it to cover any major financial liabilities, then think of it as a bet - you're going to gamble around €10,000 on the possibility of your getting one of the listed critical illnesses in the next 3 years, with the stakes being that you could win €300,000 or lose it all. Personally I wouldn't bet €10,000 of my own money on my becoming critically ill in the next three years, but perhaps you're more of a gambler than me!
My own opinion is that if you don't need the cover any more, then you should cancel it now and either save the €300 per month into a separate savings policy on top of the €7,000 surrender value, or perhaps put the money into your pension if applicable.
The €7,000 surrender value is a red herring. Ask the life insurance company to give you a projection on how much it will be worth after 3 years if you keep paying. I very much doubt that it will be anything near €17,000.
Regards,
Liam
www.ferga.com