Should i cancel Iife insurance now that mortage is cleared?

[bitethebullet]

Hi All,
We overpaid on our mortgage for years and managed to clear it earlier this year but still have a direct debit of 25 Euros a month for a policy which will pay out an ever decreasing ammount (latest figure is 90K) .The policy was mandatory when we took out the mortgage but now that it's cleared , Is it worth still paying?

 

[jpd]

if you have cleared your mortgage you definitely do not need mortgage protection insurance.

Your Life Insurance needs are a different issue altogether.
That depends on what dependents you have, what level of support they might need in the event of the death of one or the other. Whether the Mortgage protection polices should be part of this insurance is difficult to say as that would depend on the availability of other insurance and underwriting considerations