Mortgage protection Insurance

I have two mortgage protection policies for mortgages which are now cleared, should I cancel the policies.

They are both joint life either but not both, life/serious illness/ permanent total disability.

One has a premium of €42 per month with €25k cover reducing, 3 years left

The other premium of €64 per month with €68k cover reducing, 5 years left

I am inclined to cancel them, any reasons why I shouldn't. Thanks for any suggestions.

cremeegg said:

I have two mortgage protection policies for mortgages which are now cleared, should I cancel the policies.

They are both joint life either but not both, life/serious illness/ permanent total disability.

One has a premium of €42 per month with €25k cover reducing, 3 years left

The other premium of €64 per month with €68k cover reducing, 5 years left

I am inclined to cancel them, any reasons why I shouldn't. Thanks for any suggestions.

Click to expand...

You might die or get a specified illness.

The purpose of the cover in the first place was to protect the bank. That debt is gone so no need for the cover...unless your a bit light in overall protection in the event of premature death, it might be an idea to keep it.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

cremeegg,
If you have no dependants and nil debt , insurance is an (extra)
If you have dependents ,you should ensure you have adequate (cover).
Now might be a good time to review what you need on insurance type front, before cancelling.
Suggest go to a good Broker in your area , not sales staff types such as Banks.