Hi Suicra
The life policy is now independent of the mortgage.
If you no longer need life cover e.g. if you have no dependants, then you should probably get rid of it.
If you still need life cover, you should see if you can get it cheaper elsewhere.
If your pre-existing illness means that you might die before the life cover expires, it might be worth keeping.
I am assuming it was a pure life cover policy and did not involve any savings element? If there is a savings element, it would be worth getting a broker to review it for you for a fee. Or post the details here.
Brendan