I have a joint life insurance policy with my wife, where we pay £11 per month life insurance, as this was the obligation when I took out my mortgage. My wife and I both have death in service benefit of ten times the amount of our outstanding mortgage. The insurance is actuarilly reduced and will now only pay off the outstanding mortgage if the unthinkable was to happen. Should I be cancelling and saving myself the small amount of £11 per month ?
I am probably looking to borrow more next year for an extension, will/should this be a factor on any decision to cancel ?
Thanks in advance………