Keep mortgage protection life policy or cancel?

K

keepon

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I have a mortgage protection policy and have recently clear the mortgage. The insurer says we (joint names) can keep it on, but it doesn't seem good value: the benefit to be paid out reduces each year (it's something like €130,000, falling to €23,000 in six years' time). Premium is €65 or so per month and I have no idea how that compares without seeking an actual quote.

Would love to hear opinons on whether we should stick or fold.

The one advantage is that I don't need a medical to keep it, whereas if I were to look for life assurance I probably would need a check-up that would show (fairly standard) age-related issues. I'm a non-smoker.

Any steer on this would be very much appreciated.
 
It's so little money I'd keep it in place if it was me. If you're determined to replace it then get the replacement assurance in place before you cancel the mortgage policy.

Scratch that, I didn'd read it properly. If it was me I'd replace it with a dual convertible non-indexed term policy. But get the new policy in place before cancelling.
 
I agree, try replace it first and see, you can always keep it if you don't get better figures.
 
Thanks for those responses. Should I ask the current insurer to replace with the term policy (maybe no medical?) or just look generally for one?

@SBarrett -- old enough ;-) ... retirement date approaching, not this year or next, but in the medium term. Initial amount 15 years ago was 220,000; currently it's at around 120,000.
 
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