First of all you have to find out what the policy is for.
It is most likely a mortgage protection policy.
While it covers your mortgage in the event of death, it is a separate policy. So if you paid off your mortgage early, the policy will continue unless you cancel it.
So you are now paying €27 a month for life cover.
Check out how much cover you are getting for that.
There are two types of policy - one covers the full amount say €300k. The other is cheaper and the cover reduces over time as the mortgage balance would have reduced.
If you have the latter, then you are probably paying a lot for very little cover.
If you have the former, then you paid a lot in the early years and it's relatively good value now.
But first you have to find out what it is.
Brendan