Shop around, you will get way cheaper.
When i had a mortgage, 2 things i learned:
1) Never take out mortgage protection from a bank
2) Review every few years, and switch provider.
I think i was with at least 7 different mortgage protection providers, allthough it was only the ultra basic decreasing insurance cover i went for, every time i switched, it was cheaper, and for the last few years, i cancelled the policy, when the mortgage balance dropped below 50k, that maybe against bank rules, but i did it anyway, as i knew we would be clearing it a few years early.