mortgage protection versus life assurance

I have mortgage proection and life assurance, do I need to have both, I am trying to cut down on spending as I am finding it hard to make ends meet in the current climate. Can I just have mortgage protection instead of life assurance, will lender approve this. I would be grateful for some advice.
thankyou

Hi McGann,

Can you clarify which of these products you have?

Mortgage Protection cover decreases in line with the mortgage. This type of cover is cheaper than level life assurance cover where the cover remains the same for the duration of the term of the policy.

The only instance where a mortgage provider will insist on level term cover is where you have an interest only loan and the loan is not decreasing for a period.

If you have a normal repayment mortgage there is no reason why a cheaper mortgage protection policy will not satisfy the needs of your mortgage provider based on what you said.

I have mortgage protection and life assurance
mcgann

Sorry to clarify I have mortgage protection ( on death) not mortgage repayment

Then provided you dont have an interest only loan, I see no reason why you cant just have mortgage protection cover instead of life assurance to cover your mortgage/mortgages.

This should give you a significant saving depending on the figures involved.