Life Do I still need Mortgage Protection

My wife and I took out a mortgage protection plan for €350k about six years ago at which time we were both about 35 years old. Since then, we have downsized and paid off a lot of the remaining mortgage to the extent that it will be fully paid off in about 6 months time.

The premium is €450 per year and the sum assured decreases over the original term of the mortgage which was 20 years.

We are inclined to cancel the mortgage protection policy as it does not seem to offer good value.

Does anyone have any advice on this scenario?

You just need a mortgage protection policy covering the outstanding balance over the remaining term.

It's up to you to decide whether this is all the life cover you need.

Maybe put a small mortgage protection policy in place to satisfy the lender and the put additional life insurance in place to look after your family.

Ask the insurer if they can alter your existing policy without you having to take out a new one. This may offer you better value for money.