Insurance is a mine field !
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1. Good you have mortgage covered.
2. These specified illness covers ,unless fully explained, have a habit of not covering what you think.
3. I would be concerned that specified illness cover may not cover childs condition.
4. Investment value always concerns me , my opinion (for what it is worth) is linsurance is not investment.
5. Do NOT cancel until you see if what you have has value.
There are a lot of good/competent Insurance Brokers,
Get one and do a full review.They will be delighted to help and will advise.
From your own view then
1.Work out your minimum requirements @ least cost.
2. Work out what else you would like to have.
THen compromise.