I quite agree with the last couple of posts.

You cannot be over insured when it comes to insuring your life. It is you (the insured) that is the liability as you are not unbreakable and god forbid you (or your family) have to claim it will provide vital extra money and security for your family.

As AdviserRob says too, if you go looking for this same cover inm 5 or 10 years time it will likely to have gone up in price significantly.

Unless you really need to gain back the moneyt that is being spent on the policy I would leave it be. We don't know when we are going to pop our clogs but you can guarantee it won't be a date that suits us and so the more cover you have in place to finance and protect those we leave behind the better

red fan,

Do you have any intention of moving again and upsizing? If you did and required more borrowing in the future you might be wise to keep it going as to take a new one in a few years may cost a lot more. If its affordable, why not keep it. I have more cover than my mortgage as if I die id like my wife to clear the mortgage and have some extra to live off. Personally I dont think you can be over insured. Unless your struggling with the premiums.

Regards

Rob

as long as you are sure that your exsisting policy covers the full amount of your outstanding mortgage than you can cancel the other policy at your will.

no need to over insure yourself if you dont need it

Hi

I would think that if the 2nd policy was only to cover the extra borrowing, which has now been paid off, then there may be no value in continuing the 2nd policy.

However, before you cancel, you should speak to the company concerned, to see if there is any technical issue, that would make it sensible to continue the 2nd policy. If there is no issue, then atleast you would have talked to someone at the company and have some confidence about your decision.

Huckster

When I moved house 3-4 years ago I increased my and also took out a second life assurance policy to cover the extra mortgage borrowing. I have since repaid this extra borrowing, so that now my current debt is below the amount that was covered by my original life policy.

Should I now simply cancel the 2nd policy - or does having a 2nd policy hold any benefits. The 2nd policy is a joint life policy.