It also has a current investment value of €4052. (This was €5454 in December 2015, €4985 in December 2016 and €4529 in December 2017. How it has lost €1400 in two and a half years, during which time the stock markets have gone in only one direction, is beyond me.)
Personally I'm not a great believer in the idea of having insurances when you don't really need them, financially. Given the reviewable nature of the larger policy, at each review you're going to be asked to increase your premium or reduce your cover. This will keep happening until eventually you give up anyway. If you're in good health now with no medical issues I think I'd be inclined to cancel these policies, take the €4,000 and re-invest the €200 per month. Perhaps into your pension or your wife's if that makes sense from a taxation perspective. Or else just a simple ring-fenced savings plan.
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